XRP Holds the Decision Zone From the Last Post for a Second Day

In my last post I said liquidations were clustered at 1.42–1.45, making it the crossroads — and the market answered right away. Yesterday's low was 1.453, and today's so far is 1.475. Two days in a row of dipping right to the edge and getting bought. This zone is the 38.2% retracement of the current bounce, and on the weekly, the downtrend line that has pressed price down for five months since March happens to pass right around 1.44 now. Price broke above that line last week, so holding here for two days is also a retest of that line from above. When a level with this much confluence holds twice, I read it as buyers standing their ground for now.

The shape has gotten kind of interesting. The top is flat after two rejections at 1.55, while the lows have risen four days straight: 1.378 → 1.434 → 1.453 → 1.475. A flat top with rising lows forms a textbook ascending triangle with an upside bias. Volume spiking on the wick day and drying up ever since is also natural in this kind of compression. The trend-strength indicator still shows buyers firmly in control.

Here's the weekly chart as well — that's the line I mentioned above. But zoom out to the weekly and the upside isn't easy. 1.55 is the May high, 1.61 above it is the March high, and the weekly MA50 is coming down at 1.68. After a full year of bleeding lower, this is only the start of a recovery, so from here it's a fight through layer after layer of resistance. On the plus side, it already reclaimed the daily MA200 and the key weekly level, so the foundation for the bigger picture is in place.

Bottom line, I'm sticking with the conclusion from the last post. A close above 1.55 erases that wick, and 1.61 then 1.68 get tested in turn. A close below 1.42 means folding this setup, with support below at 1.34 and then the MA200 at 1.28. Four days in a range is probably getting boring, but triangles tend to go quiet toward the end right before they resolve. Marking the decision levels and stepping away is a fine approach too. Trade safe~