Here we have XRP/USD on the 4H chart.
XRP/USD has been trading rangebound after a strong up move that finished on the 30th December. Price has recently been trading on a side-wards at 1.9200, and looks like price action will continue to use the side-wards support until the up move begins.
Price has been testing the over the last 24 hours. When price is testing the support, it is having clear higher highs on smaller timeframes, indicating continued bull strength on the , further supporting an eventual breakout move to the highs.
I am expecting Ripple to pick up some momentum soon. Before this, price might test the sideway support yet again at current levels, before it truly takes off.
This trade could play out in 2 days, I have outlined these below:
-Price successfully retests the side-wards at the 1.9000's level, before eventually picking up strong momentum, and achieving it's longer term target at 3.0800.
-Price breaks lower, and tests a potential swing low level at 1.6180 (Which also coincides with support) before eventually having the up move to the upside target at 3.0800.
Bare in mind, that price could move a lot further than these 2 targets outlined above. The targets above are OBSTACLES for price action, and not necessarily where will price will ultimately stop in this short term uptrend
If price tests the swing low first, bare in mind this might mean the up trend is generally weaker, and reaching the upside target of 3.0800 will not be as easy, and some wind can be expected on the way to upside target (In the form of corrective legs)
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There is a couple of ways this can now play out.
-Price could now hit our target zone and begin to fall into the lows again
-Price could break target zone and carry on to the highs.
Both of the above seem pretty simple. So let's do this in a way where we can: Manage and maintain our profits, and minimize risk at the same time.
- Closing half position NOW, at current levels.
-For remaining half position, HOLD. And move stop loss to 2.4200.
The above works well because you are taking profits from the table, and even if price goes back down you are in profit even if it hits stop loss. And, we get the luxury of being able to ride Ripple further to the upside.
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I'm expecting a bullish wave push the price back up after people realise this. Coinmarketcap is gonna lose major credibility for this.
We'll see whether the price bounces off the psychological level of 2.0 or whether the dust only settles down at the 1.62 level.