Powerful XRP Fractal Points To Redemption Rally, Start of New Uptrend
Ripple cryptocurrency: fractal indicates the beginning of the rise
Support levels pass at 2500 and 1400.
The price dropped below the bottom of the range.
September 2019 fractal foreshadows growth.
On March 25, XRP sharply broke through the support line of its long-term trading range and formed a bullish engulfing candlestick pattern the next day. Similar dynamics, which was realized in September last year, served as a harbinger of the beginning of growth, which subsequently amounted to 60%.
Renowned trader @ Anbessa100 Points to XRP Chart Signaling Large Accumulation Pattern Near Possible Bottom.
State of #Altcoins $ XRP bottom of accumulation pic.twitter.com/bbbeH6f8wC
– AN₿ESSA (@ Anbessa100) March 26, 2020
XRP has been trading near the 2,400 satoshi level for the past 259 days, forming support in this area. This level is very important as it started the ascent twice in 2017, which ultimately led to the renewal of all-time highs..
However, to say that the token As the use of cryptocurrencies grows, new types of tokens. They can represent value or something intangible like voices. Two … More has bottomed out while it’s early. Until 2017, the price traded below this level for a long time. Strong support also comes at 1400 Satoshi, which previously also served as a springboard for growth..
Thus, the price may lose its current support level and head towards 1400 Satoshi.
XRP has been trading in the 2450-3350 Satoshi range since August 2019, and has dropped twice during this period under the support line for a short period of time.
The first time this happened on September 6, 2019. This was followed by a rally that resulted in a false breakout of the range high..
On March 25, quotes dropped below this line again and formed a bullish engulfing candlestick pattern the next day.
If the fractal of September 2019 repeats itself, then soon the token may move towards the maximum of the range.
Otherwise, the cryptocurrency will drop to the support of 1400 Satoshi, thereby leveling the signal of accumulation near the bottom.
Daily RSI can serve as a good indicator of price direction in the future.
If the index manages to exceed the 50 mark, then the quotes are likely to continue to grow, and vice versa.
So XRP has been giving accumulation signals in the support area since last August. Daily charts show that the price will start to rise soon.
If the rally does not start, the token risks dropping to the next support around 1400 satoshi.