XRPUSD is currently trading on very important region between $0.44 and $0.46 which proved to be crucial for next move. I marked that region in green and as you can see, we had many moves back down from here, which makes it very important to be cautious. Daily candle is still not convincing enough, spikes of candles are still not showing enough strength for the move higher. On shorter time frame there are some set ups to play on, but you need to be very quick on the moves.
RSI is in overbought position which could indicate a possible move back to support $0.39. MACD also showing some weakness in this region. 50 MA and 200 MA are far behind, under $0.35.
We had spikes above MA before and looking at bigger picture; on weekly chart, the important thing for the bulls is that the trend remains on the upside. Take some profits of the table and wait for next move and candle. There is a lot of FOMO going on right now and you don’t want to enter on overbought levels. If we break above $0.46, the next target is $0.63. I’m hoping for a bit of weakness to buy lower on supports.
RSI is in overbought position which could indicate a possible move back to support $0.39. MACD also showing some weakness in this region. 50 MA and 200 MA are far behind, under $0.35.
We had spikes above MA before and looking at bigger picture; on weekly chart, the important thing for the bulls is that the trend remains on the upside. Take some profits of the table and wait for next move and candle. There is a lot of FOMO going on right now and you don’t want to enter on overbought levels. If we break above $0.46, the next target is $0.63. I’m hoping for a bit of weakness to buy lower on supports.
Trade active:
XRP intraday trade-> As posted before, $0.44 proved to be strong resistance and XRP witnessed sharp drop to $0.39 support. On 1h chart you can play around, but the important thing will be the closure of daily candle which is still above support. Keep your eyes open.