XRP or Ripple has a lot going for it recently both in terms of flows and technicals.
Ripple has caught mainstream media attention in recent weeks due to its outperformance despite other cryptocurrencies weakness. With that attention comes the realization to the mass that Ripple is unlike most other cryptocurrencies, it's centralized. I think this very fact will be the key strength of a now rising star as XRP market cap has since surpassed that of Crypto silve r LTC. People will see the potential that the currency is leading in terms of speed of transactions, low costs, and potential for institutional adoptions (in fact multiple banks are exploring usage of Ripple). This link sums the situation quite nicely.
XRP caught my attention back when it broke above its months-long consolidation between 0.35 - 0.40. Current ongoing correction really offers a great opportunity for those that haven't already established a position in XRP to do just that.
I share with you two timeframes the Daily chart and a 30m chart.
I like keeping the numbers rounded and things very simple, the larger trend is clear: we have a breakout from a long consolidation period, then another breakout after a pullback, and we're undergoing a pullback that could see the XRP fall toward 0.90 support level before another runup toward the next target 1.30.
Diving down into the 30m chart we see a downtrend channel that's highlighted in red, that has since been broken to the upside, however for XRP to really to run toward 1.30 and establish a new higher range it would need to pass the 1.10 resistance level. This is both technically and psychologically an important level.
In conclusion: Expect XRP to break above 1.10 towards 1.30+ within the next few weeks as the crypto market selloff cools down. Cut your losses if it falls below 0.90, and take a sizable position if it moves above 1.00. The upside is 0.20+ downside is below 0.10. In terms of a risk/reward standpoint I think this trade is a good trade to look into.
Please let me know what you think, it's my first idea on the tradingview so I would really appreciate any feedback, advice, criticisms, or ideas. Cheers Guys!
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We're seeing solid move in the 30min timeframe forming a nice uptrend channel now trading above 1.00.
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The larger daily picture still intact and the target remains 1.30 for the Daily Chart.
30 min picture looks like this for me at the moment. We're in an upward channel:
Trade closed: target reached
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Target reached. I'm going to [post a new idea on where I think it's going next so stay tuned guys! Thanks for the support.
Actually, my view is for a long-term uptrend far beyond 1.30. In a sharp breakout like this, we're probably still going through the first wave of a larger uptrend. I have my first target at 1.30 simply by moving the 0.40 move from 0.70 --> 1.10 to start at the support 0.90 (+0.40) = 1.30. I will continue to update the post as time passes with new support and short-term targets.
If let's say the pattern changes from breakouts into something more like an uptrend channel in the daily chart we can more easily predict the longer term targets from a technical standpoint.