After a very nice bull run I see XRP at it´s top for now. We already see a bearish divergence on RSI and price and a wave 5 which has double topped at 37.4 cents. This means that we will probably head into a small drop down to the 0.5 - .618 level of the overall wave length which is somewhere between 31.5 cents and 30 cents. This would be a nice little profit of 15-20 percent. It´s always a good idea to wait on another confirmation, e.g. on MACD. Anyways, nothing is guaranteed in this market, especially right now after some sick pump and dumps over the last couple of weeks. So be prepared and set you S/L limits tight my friends. Happy trading
Trade active
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XRP broke out one more time to 40 cent. This means, the .617 level is now at 31 cents and .5 level at 32.9 cents. I´m still confident that it will drop to these levels. But it takes a little time.
Trade closed: stop reached
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Unfortunately, my S/L got triggered. Lessons learned:
1. Always wait for confirmation and don’t try to catch the falling knife. 2. Divergences are still fine, but like already mentioned, for a confirmation wait on a clearer signal like a double or triple top before considering a trade. The few percentages you will lose by doing so do not outperform a more frequent win rate.
Good luck my friends and stay positive, because good things are ahead! :)