In a recent video, Nick discusses the price action of XRP on various timeframes, with a focus on the one-hour, daily, and weekly charts. Nick provides insights into the current state of XRP and possible future scenarios.
One-Hour Timeframe
Nick notes a shift from a bearish to a bullish structure on the one-hour timeframe. Nick identifies support at the hourly 200 EMA and resistance at the 50 hourly EMA. Nick suggests a target range of 49.210 to 50.289 for a potential bounce.
Daily Timeframe
On the daily timeframe, XRP is still within a bearish structure, and a move to 35.17 to 39.2 is anticipated. Nick raises concerns about lower highs and potential downside on the daily chart.
Weekly Timeframe
The weekly chart shows XRP correcting down after hitting its C-wave target. Nick discusses different scenarios for XRP’s future price movement, including a WXY pattern and expanding diagonals.
Price Predictions
Nick presents a conservative price prediction of 557 for XRP. However, Nick also mentions speculation surrounding the 29th and its potential impact on XRP’s price.
Conclusion
The technical analysis presented by Nick suggests that XRP is currently in a bullish structure on the one-hour timeframe, but still within a bearish structure on the daily and weekly timeframes. Investors should carefully consider the risks and rewards before making any investment decisions.
