Jordan breaks down XRP's technical setup on the 4-hour and daily charts, showing a consolidation pattern after a breakout above the 50% level. With no bearish divergences and recent momentum from relisting rumors, he sees potential for another upward push, though legal uncertainty may cap gains until the lawsuit resolves.
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Hello guys, welcome to another video from the Traders Academy Club. This is Jordan and today we're going to talk about Ripple. Now if you're familiar with the cryptocurrency itself, Ripple, um, you probably know that they're being sued at the moment and in general I'm not sure how well the technical analysis work on Cryptos at the moment in these young markets, but we see that at the moment there is a very interesting consolidation happening right here, and I think that might be an interesting situation at least for the short-term buys. Why short-term? Because as long as this suit is pending and it's in development, we can expect anything and Any tweet, any news could be influencing the price up and down significantly. And I wouldn't really expect for the price to move that much here, let's say going to all-time highs, 1, 2, whatever, right, until the suit is resolved. So what we're looking at here is, um, most likely, especially if we go to the 4-hour chart or the daily charts, and we zoom out a bit, we start seeing that the price started consolidating, right? Then we got this breakout, it managed to hold above, and most of all, we're holding above the 50%. So this is where we created new high, and again, the price started consolidating inside this zone. There are no divergences anywhere, and basically In my opinion, at least this move started was caused not started was caused by the rumors that XRP is going to be relisted. If you're following the most recent events, you know what I'm talking about. But it doesn't matter what is the actual reason behind it. Facts are price is breaking, price is holding. We're conquering new levels and we're moving from. One impulsive move to the consolidation, to the next impulsive move, to the next consolidation, etc., etc. Once we combine that with the lack of divergences, again, I do believe that we are going to be looking at another push up, another new high to be created, and that would be an interesting short-term buy opportunity. So thank you for watching. If you have any questions, don't hesitate to. Leave us a comment below and we'll get back to you as soon as possible. Thank you.
