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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- Trading Guru
-------------------------------------------------------------- Disclaimer! This post does not provide financial advice. It is for educational purposes only!
I am with you for this one! also posted a similar analysis!
Investroy
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Thanks for the detailed explanation, love your charts
FlowersFor
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"entire crypto market trending upwards"
True only if u dont have SEC problems.
Because SEC XRP is not trending upwards
realredsteel
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Great analysis, sir. However, it doesn't seem to be worth the risk. I think I'll stick to other coins, especially with Grayscale dropping their XRP Trust.
Trading-Guru
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@realredsteel, I would definitely not advise to trade for more than a few hours at a time. I personally think there is plenty of opportunity on XRP trades at the moment, as long as you just use a stop loss to protect yourself against the risk from downfall. It is so highly volatile that some very interesting scalp trades are still available.
RobRobin
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@realredsteel, If you're American yes. SEC lawsuit is about trading with American clients, in the rest of the world XRP is universally recognized as a coin no questions about its nature.
Trading-Guru
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I will be posting more of these regularly, so follow me to find out about great trading opportunities
Trading-Guru
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