After falling about 80% from the most recent swing high, xrp found support on the historic level of .17. It then made a parabolic rise to .247 (about 46%) in a couple of hours, a move that was capped by the 14-ema on the 4hr chart and 50-ema on the hourly chart. It then retraced to the 21-ema on the hourly chart, where it found support and rose again to .247, which is proving to be strong resistance. Volume is decreasing considerably, which is expected after such a big move. RSI on the daily is close to oversold territory and MACD is below 0 and starting to curl up (it already did on shorter timeframes). Acc/distr is pointing up sharply although OBV is still in decline.
At the moment xrp is taking a breather between the support on the 14-ema on the hourly chart and the .247 resistance. Since xrp has been extremely volatile the past week or so, I believe the trend could go in either direction from here.
If you want a quick play on this trade, you can go long at the 14-ema support on the hourly (not as strong as larger time frames but it seems to be holding for now) and sell anywhere between the 21-ema or the now resistance .226. Use a tight stop loss just below the 14-ema. If xrp breaks below the 14-ema support on the hourly, you can short with a tight stop loss somewhere between the 14ema and 21ema or just above the 21ema depending on your risk tolerance.
I entered on the .17 support level and already cashed out with about 41% profit. I also did a quick play by buying the support on the 21-ema on the hourly chart and selling at the support/resistance of .226.
I am now sitting on the outside waiting for some more clear direction and a bit more volume (don't want to overtrade). If xrp revisits the .17 support I will most certainly buy again.
***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***
At the moment xrp is taking a breather between the support on the 14-ema on the hourly chart and the .247 resistance. Since xrp has been extremely volatile the past week or so, I believe the trend could go in either direction from here.
If you want a quick play on this trade, you can go long at the 14-ema support on the hourly (not as strong as larger time frames but it seems to be holding for now) and sell anywhere between the 21-ema or the now resistance .226. Use a tight stop loss just below the 14-ema. If xrp breaks below the 14-ema support on the hourly, you can short with a tight stop loss somewhere between the 14ema and 21ema or just above the 21ema depending on your risk tolerance.
I entered on the .17 support level and already cashed out with about 41% profit. I also did a quick play by buying the support on the 21-ema on the hourly chart and selling at the support/resistance of .226.
I am now sitting on the outside waiting for some more clear direction and a bit more volume (don't want to overtrade). If xrp revisits the .17 support I will most certainly buy again.
***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***