From TradingView · · 1m 20s
XRP's rejection at the 1W MA50
A weekly rejection at one moving average is the whole story, and it points down before it points up.
In brief
A weekly rejection at one moving average is the whole story, and it points down before it points up. Until XRP closes above the 1W MA50, the path of least resistance is down toward the MA450, near 0.86. Originally reported by TradingView.
Neutral, not bullish
XRP's weekly indicators sit in the middle of the range: RSI 52.3, MACD -0.066, ADX 23.1. No trend, no conviction, just chop.
“XRP is neutral on its 1W technical outlook”
Rejected at the MA50
Last week XRP pushed into the 1W MA50 and got turned away. That line has acted as the ceiling on the whole bear cycle.
The line that starts bull runs
History is blunt here. The bull cycle has only ever begun once price breaks through the 1W MA50, not before.
“historically the Bull Cycle starts only after it breaks”
Six years of rising wedge
Zoom out and XRP has been grinding inside a rising wedge for six years. Every long-term correction bottomed just after price touched the 1W MA450.
“all long term corrections bottomed just after the 1W MA450 was touched”
So the low comes first
As long as the MA50 keeps holding as resistance, the setup points down to the MA450 before anything bullish starts.
Target: 0.86
The trade is a short with a fair take-profit at 0.8600, which is where the MA450 sits. Not advice, and TradingView says the same.
“Fair TP = 0.8600.”
What it means
Until XRP closes above the 1W MA50, the path of least resistance is down toward the MA450, near 0.86.
