XRP is holding its conference from the 30th to October 2nd. Price looks quite good for another rally as it is testing resistance many times.
Looking at price action during the last conference, we can see price dropped 18% right after. While XRP may not drop that much, it is a good move to short the actual event as most times price drops after the hype ends.
Last conference:
Therefore, wait for the rally and short during the event. The price should not break 10k sats.
However, we are ready for all scenarios. If the price breaks the support, you may short:
Short: 7800 (close below)
Stop Loss: Close back into range
I am hopeful XRP will rally so I can get a better short entry.
Short: 9180+
Stop Loss: Manual (close above 9300 and price continues to be bullish) 10k absolute stop.
You may long here with a stop at 7800 but it is very dangerous. I would avoid longing XRP/BTC.
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This is how the previous rally played out. Test 0.236, fail, hold 0.382, then move up. 0.382 is at the 7400 levels.
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Here we are. Start entering here and have the majority of your position at the short target I listed.
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if you are trading futures, there is a premium so do not use the numbers I listed here.
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Dream short zone hit, you may enter with a small position here and add during the conference.
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Awesome! In great profit so far.
When BTC drops we will get more roe.
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13% profit. I believe after a bounce from support we will drop much lower.
Trade closed: target reached
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Target one hit. We will likely bounce from here and you can add more to your shorts.
Leave a small portion open just in case we drop further. I have closed most my shorts at this area.
Thanks for the update. Regarding the previous dip after the Swell Conference compared to this year - here is what I am pondering about. This year we are preparing for the big announcement that all Ripple will become the vehicle for centralised digital FIAT (in simple terms) which might have quite the opposite effect than after the last conference and we might see it go up this time in ways that might surprise us. I am just sharing my thoughts and am in no way making any statements.... your thoughts???
Definitely possible. They need to have some big news though lol. I do expect a pump which is why I have a long in my title, but I expect a drop once the hype ends. No matter how big the news after the demand ends there will be profit taking from people who had been long xrp.
I have been trading tron for a couple months and usually during and after the news price drops pretty hard.
Thanks for commenting.
PanterReinout
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@Xzhi, But last year there was alot more hype, they did a countdown and everything, and then basically delivered no significant news ... Hence the BIG pump and dump
This time things aren't the same ...
Maybe this time everything is quiet with BIG news announced
you never know
maidenboba
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Do you see somewhat of a head and shoulders movement? That's kind of what I see, especially since Swell is underway and some announcements have been made, I'm not sure if I see this pumping up really. Also, volume rose, but nothing to talk about at home?