Looking at our trend timeframe we see XRP continues respecting its downtrend channel, stochastic rsi showing momentum in favor of the bears. The last time XRP was at this price was at the end of 2019 and the beginning of 2020. Where we saw the price jump from $0.1800 as high as $0.3450, the price has now found support at $0.1975. Daily resistance at $0.2300, a close above $0.2145 indicates we will continue towards the upside.
Shifting over to our pattern timeframe we see XRP has formed a small double bottom at this level and wants to continue towards the upside. Stochastic RSI showing momentum is in favor of the bulls with no signs of slowing down. A 4hour close above $0.2040 activates our trade, and we should test our dynamic resistance at $0.2400, followed by a break to $0.2500 or a retest of our previous resistance now as support.
