Weekly Analysis by Xago’s Crypto Master – 9 August 2021

by | Aug 9, 2021 | Jurgen Kuhnel's Crypto Insights

XRP formed a green 3 on the weekly time frame according to the TD Sequential trading method. With the decisive break above the 21EMA and closing towards the prior week’s high, XRP seems to be set for more upside.

It is quite incredible how quickly everything became bullish again. The next big resistance coming up is at R14.50. If XRP makes it to there, you should expect a bit of a pullback. There are some bearish signs to take note of. The volume is not really accompanying this upwards move. You can see how much buying volume was around if you look at the run-up towards the all-time high (declining white line).

A bit of bad news can push the price below the 21EMA and this picture can change very quickly.  Always good to make sure you manage your risk, by taking profits along the way, and remember you cannot buy the dips if you have no fiat left to buy it with.

 

 

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