Crypto Snippet is a brief overview of the crypto market; focused on Derivatives. This is not financial advice.
Crypto Pair: XRP-USDT
Date: 5th April 2021
XRPhas been missing this rally, in the backdrop of the suit from SEC, but it has started to form some bullish formations on the technical charts. XRP has formed an inverse Head & Shoulder pattern with head at 20 cents and shoulders at 40 cents. Neckline passes through 70 cents. Any breakout above the neckline could bring a large move to 1$ and 1.3$.
This chart has formed over the 6 month period, therefore, in case of a breakout, move is expected to be quick and sustainable. Any news related to the legal battle of Ripple Labs vs SEC also may lead to higher volatility. Shoulders at ~40 cents should act as a crucial support in case price isn’t able to break out this time as well.
Trade XRP-USDT on Delta.
