What's up investor friends?

The XRP/USD pair had experienced a strong fall last December 2020 (red line). All due to the SEC's lawsuit against Ripple and the subsequent announcement by Coinbase announcing the removal of XRP from its wallets.

But everything has been going better for the cryptocurrency since the beginning of February (Blue line), recovering its value little by little.

The price managed to reach the 0.65 ceiling (Red horizontal line) in mid-February but was unable to break it, thus returning to below the 0.50 support (yellow horizontal line) and remaining in a sideways trend.

The pair remained within an ascending channel visible on 1-hour candlesticks and is currently breaking out of this channel and the 0.50 ceiling (yellow horizontal line).

Possible scenario:

The next possible move for the pair this coming week would be upwards to the 0.60 and 0.65 price levels (white and red lines).

Personal opinion:

We could buy at this precise moment or wait for a pullback at 0.50. Profit taking would be at 0.60 and 0.65. Stop loss would be placed below the bullish channel support line around 0.4650.

Important

The information provided in this publication should not be considered as an investment recommendation. Trading cryptocurrencies, forex, stocks, among others, is risky.