Get started
DolleroTechnology

XRP/USDT (Long) - breakout from rounding bottom; trial with SEC

Long
XRP / TetherUS (BINANCE:XRPUSDT)  
DolleroTechnology  
BINANCE:XRPUSDT   XRP / TetherUS
Trend Analysis Chart Patterns Fundamental Analysis
7
2
trendanalysis chartpattern fundamental
Fundamentals:

  • First of all, this trade is only good once the FED raises the interest rate by 0.75% or less. If it is higher than that, close it or do not even open it
  • Ripple is currently on trial with the SEC. The result of this trial will be extremely crucial for the whole crypto industry, not just XRP, as it sets an essential precedent
  • We have already seen some headlines regarding the trial, which caused the coin to rally. However, we have not received the result
  • The pre-sentence hype with a potential win by Ripple can create enough strength to lift the XRP coin much higher
  • I also expect today's FED meeting to create a boost for the market as most meetings this year have done

Technicals:

  • XRP has formed a solid rounding bottom on a daily chart, which is just about to break upwards
  • The RSI indicator has also comfortably broken above 60 and seems to point higher
  • The relative strength is clearly there as XRP has outperformed most other cryptocurrencies in the past two weeks and withstood breakdowns from Bitcoin or Ethereum

Trade:

  • We would use the purple line for the entry once we see a definitive breakout to the upside. Important is how the markets react to today's FOMC meeting
  • We set out two levels as our potential profit targets: (i) one could be the 200SMA on a daily and (ii) the other is the level around $0.51, which has served before as a strong resistance/support
  • Risk management is a little tricky as there is no definitive level to use for a stop loss. One way we would play it is to use the purple line also as an exit or give it some room under the purple line to have space to bounce around. However, we will let you create your own risk management framework

Happy Trading!
Dollero Exchange

Follow us for more analysis & Feel free to ask any questions you have, we are here to help

If you like our content, Please leave a like and a comment, it keeps us going
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.