How high could this thing potentially be going during a bear market / upcoming accumulation phase?
First of all, I take a look at the . It was really significant on this breakout. Almost as much as during the last real altcoin season. This makes me believe that we're not immediately going back down again.
The (up to a 10 hour timeframe) is pretty high right now and probably needs to cool of a little.
Looking at the on the 1D, we're hitting some major resistance around the 55 .
This makes me think that we might get a few days of consolidation before going up further.
Depending on what BTC is doing, it might be quicker.
The 50 MA on the Daily acted as resistance. If we can push through that one, we're up for more.
We're still inside a potential . As long as we don't break out, it's still .
If Resistance One can break, I think a double on Ripple ($0.60) might be possible.
It would fit nicely between the 0.382 and 0.5 Fib level.
It's probably a good idea to scale out in increments if you're in a position right now.
I personally wouldn't take a Long trade until XRP pushed out of the formation / above the 50 MA.
Once this is broken, it could be a good Long, if the crypto market metatrend is still .
Shorting could be good as a quick daytrade. On the larger timeframe, it is even more risky because XRP just broke out of a multi-month downtrend.
My opinion: Rather long than short.
Have a nice day!