For XRP, it has a tendency of breaking out of this diagonal trendline after it broke the retracement channel in Daily Chart . However, you need to be aware that this may be a false breakout.
The bet on this is that you believe that it will eventually break above this trendline in order to test the upper channel or even the historical resistance. For this you can decide whether to partially taking profit at the first target or not if you found a better trend at that moment. The R:R is still 1:1 - not good but acceptable.
"Personally, I have some instinct that if it breaks, it will also break the channel as well because XRP has been in lesser volatility compared to other in terms of market structure since new year. RSI should develop and break above OB in this swing on the daily chart . I feel like it has been too consolidated compared to others."
For this setup, my SL is super generous but the R:R is still not very bad. For the target it will be around 1:3.25. This generous SL is just to allow your position to be more flexible and to be sure that if you lose this trade it means the structure and sentiment is definitely changed, not just some SL hunt.
The bet on this is that you believe that it will eventually break above this trendline in order to test the upper channel or even the historical resistance. For this you can decide whether to partially taking profit at the first target or not if you found a better trend at that moment. The R:R is still 1:1 - not good but acceptable.
"Personally, I have some instinct that if it breaks, it will also break the channel as well because XRP has been in lesser volatility compared to other in terms of market structure since new year. RSI should develop and break above OB in this swing on the daily chart . I feel like it has been too consolidated compared to others."
For this setup, my SL is super generous but the R:R is still not very bad. For the target it will be around 1:3.25. This generous SL is just to allow your position to be more flexible and to be sure that if you lose this trade it means the structure and sentiment is definitely changed, not just some SL hunt.