Here's a quick Look at XRP 6 hr chart. As we can see, the price has been forming a bigger symmetrical triangle and we could see a bigger break to the upside soon - BTC just need to get stable! Definitely one to keep an eye on. The best entry would be, when the price breaks above the symmetrical triangle with good amount of volume . ------------------------------------------- The idea is: Buy the breakout from the symmetrical triangle and take profits at the levels shown in the chart.
Targets:
1. 1.22$ 2. 1.3$ 3. 1.4$ ------------------------------------------- What are triangles when it comes to trading?
Key points: "1. In technical analysis , a triangle is a continuation pattern on a chart that forms a triangle-like shape.
2. Triangles are similar to wedges and pennants and can be either a continuation pattern, if validated, or a powerful reversal pattern, in the event of failure.
3. There are three potential triangle variations that can develop as price action carves out a holding pattern, namely ascending, descending, and symmetrical triangles."
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BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!
Zoom out a little bit there. I think your profit targets are much too small... If you take your profile and look at the overall all consolidation you theoretical should be looking at at least the all time high 3.00 range.
CryptoSnoopy
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@maplehunger123, time to go for it ane break over to facemelt haters and even hodlers :P :)
maplehunger123
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@CryptoSnoopy, Im not a hater of XRP, but gosh darn XRP is one of the most difficult assets to trade. Fundamentally it amazing and should be valued much higher, but I feel that some has to be manipulating this asset as I cant get my head around it piss poor price action, and dont tell me look at longer time frames, the way I see it is that XRP has not out preformed or been equal to the market so far, how can I say this. Well if we take a look at the large time frame XRP high was roughly 3.5= 4.00, BTC previous cycle high was 20,000.00 For XRP to be equal in performance the market XRP must be at least 4.5x of its last high which is $15.75. I see this as a opportunity but one very mentally difficult to follow through with. Best of luck, and hold strong with diamond hands.