Ripple (XRP) - The Sleeper! Long Setup on Break of The Wedge
Time for a quick trade setup idea on XRP, as it seems to be gearing up for (FINALLY) a break of this big falling wedge.
XRP reversed its trend against Bitcoin back in September (confirmed by the size of the move and volume). I actually had a feeling this was coming, so I swapped all my Ethereum for XRP on the breakout. This was a very good trade to protect my portfolio value, not going to lie - as XRP has remained completely stable at or near 30 cents since then.
A couple of things to note: RSI and UO are both near bottom, meaning a breakout could be immanent.
The Setup is as follow, and is very simples:
BUY on the break of the wedge - next test of 8300, perhaps.
Since we've established strong horizontal support at 7900, one could set a stop loss below there, if they wish - though shakeouts do happen (why I don't often use a stop loss in this market.
Targets could be rather high. Not going to put any here. This is just a buy setup. Will reassess sell targets if the move occurs. I can more accurately gauge a top while it's happening, rather than in advance. In addition, I think Bitcoin dominance is about to fall off a cliff, and XRP and ETH will have a battle for the #1 crypto soon. As you can see in the charts linked below, I've been following the XRP and ETH saga for a while. This is just speculation, and purely my opinion : )
This is not financial advice, and I'm not a professional. Just wanted to update this chart for educational purposes and personal improvement/education.
-Victor Cobra
XRP reversed its trend against Bitcoin back in September (confirmed by the size of the move and volume). I actually had a feeling this was coming, so I swapped all my Ethereum for XRP on the breakout. This was a very good trade to protect my portfolio value, not going to lie - as XRP has remained completely stable at or near 30 cents since then.
A couple of things to note: RSI and UO are both near bottom, meaning a breakout could be immanent.
The Setup is as follow, and is very simples:
BUY on the break of the wedge - next test of 8300, perhaps.
Since we've established strong horizontal support at 7900, one could set a stop loss below there, if they wish - though shakeouts do happen (why I don't often use a stop loss in this market.
Targets could be rather high. Not going to put any here. This is just a buy setup. Will reassess sell targets if the move occurs. I can more accurately gauge a top while it's happening, rather than in advance. In addition, I think Bitcoin dominance is about to fall off a cliff, and XRP and ETH will have a battle for the #1 crypto soon. As you can see in the charts linked below, I've been following the XRP and ETH saga for a while. This is just speculation, and purely my opinion : )
This is not financial advice, and I'm not a professional. Just wanted to update this chart for educational purposes and personal improvement/education.
-Victor Cobra
Comment:
Hahaha I like my language "the setup is as follow, and is very simples." Maybe I've had too much caffeine :P
