Rising Wedge (2H) - Wait for confirmation
2025-01-08
Category: None

Hi there,

This is my updated analysis on XRP, I believe the price is forming another rising wedge in this small bull flag, I believe this is the last wedge we'll see before attempting to break ATH.

I believe the price could re-attempt the pennants resistance which would be $2.43-$2.44 where I think it'll be rejected. I think this would be a good idea for a short entry around this area. The broken wedge would then break down upon rejection heading for $2.19-$2.22. Price could also wick lower down towards $2.08. 

Please bare in mind that there could be chance of more rising wedges forming on price decreasing as we're in a bull-flag, it's normal.

Conspiracy side: CTO @ Ripples recent tweet showing direction. Coincidentally after this post the price dropped significantly, the next arrow shows more sideways down movement then sideways movement to which it eventually goes up.

Brad Garlinghouse also met with Trump this evening which could signal there is potential deals being made behind the scenes.

Confirmation will be a bounce from the white resistance line that I have drawn to the support level also identified in white. A bounce from the support would signify that this pattern is in play. Trade with care.

Patience is rewarded.

DO NOT enter until there is confirmation.

I am looking for entries around $2.19/$2.22 or $1.96/$2.08 - a big area to cover but who knows when a breakout is imminent. 

Thank you for taking time to view my analysis, feedback is greatly appreciated.

