On we can see how the pattern started forming in May just broke to the upside testing the first at $0.78, where it got rejected. Now a pullback retesting the previous support at ~$0.66 is expected, and this can be a good entry opportunity for long trading.
Following the , the aimed target should be $ 1.17, but personally I don't believe it would reach it in the short term, therefore I would set many "taking profits" at the previous resistance levels.
on is decreasing and is now headed to test the previous resistance identified at 46.6 level This is the reason I believe price will suffer a pullback up to $ 0.66 level, before rising again, range which corresponds also the the of channel (on ). If this will happen, this can be considered a confirmation for going long as historically, whenever price broken the upper level of the channel immediately a pushback happened to the level before retesting the upper boundary.
still looks on daily time frame and channel is becoming thinner and thinner, a sign that is decreasing. This usually happens before a big move to the upside.
TRADING POSITION: Long
ENTRY PRICE: < 0.66
TARGETS: 0.77 / 0.84 / 0.87 / 0.95 / 1. 01 / 1.08
STOP LOSS: $ 0.58
TARGETED PROFITS ARE HIGHLIGHTED IN THE GRAPH
While on the price looks , on 4h chart we can see how is under the trendline, price therefore is under the of the channel and is now decreasing headed to test the lower boundary of it, this corresponding to the spotted entry price. Therefore, 4h chart allows us to understand with more certainty that price will suffer a decrease before our long targets being reached. Moreover the lower boundary of the channel on 4h time frame corresponds to the on daily time frame, a possible confirmation that price won't go under that level.
Let's see if XRP will perform as expected. For more ideas like these, please follow us on our social medias as well!
Good entry price for the above targets would have been $ 0.695!
Value your own risk before entering a tarde!