XRP Will Move Upwards Again, If It Breaks Through Resistance

In this technical analysis I will walk you through a long set-up I found when charting XRP. There are a few important parts that I want to highlight on this chart.

Position:
I suggest a long position here on XRP as we see the entire crypto market trending upwards over the last few hours. Also, XRP is making higher lows and is about to break through a horizontal zone

Entry:
I wouldn't enter just yet. Though I suddenly see some bullish signals on XRP I wouldn't say it's confirmed yet. I suggest to wait for a proper breakout through the horizontal zone before you'd enter. This would be around the $.317 level.

Take profit:
As we've seen at least three times before on this chart the $.370 level is incredibly important. There is very clear resistance on this level. I suggest taking profit slightly below there to maximize the chances on a fill

Stop loss:
The risk reward is not good enough to hold it and potentially lose money towards the next horizontal level. Instead I suggest using a stop loss directly below the horizontal level to make sure you protect from downfall. Especially on an asset that has a lot of negative news like XRP has.



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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!