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In this analysis, I will review the XRP coin. One of the oldest crypto projects, XRP aims to align crypto transactions with the SWIFT system. The coin has a market cap of $173 billion and is ranked 4th on CoinMarketCap.
📅 Daily Timeframe
After getting support at the 2.0013 level, XRP made a bullish move up to the 3.5603 resistance. Now, it has formed a descending triangle, and the volume has been decreasing as the price moves down.
⚡️ Currently, a crucial support zone has formed at 2.7218, which overlaps with the 0.5 Fibonacci level, forming a PRZ for us.
🧩 A descending trendline has also been created, and the price has touched it several times, making lower highs.
📊 To confirm the next bullish move for this coin, the first confirmation we need is the breakout of the trendline. The trendline breakout trigger is at 3.1152.
✨ Once this level is broken, we can open a long position. This trigger is the first long position trigger and is considered risky since we haven't yet received the main confirmation for a bullish trend.
🔍 The main trigger for the start of a new bullish trend is the breakout of the 3.3101 level. Breaking this level could start a new upward move for XRP.
💥 A very important confirmation for both long and short positions on the RSI is the breakout of the range between 38.02 and 61.54.
🎲 As long as the RSI remains between these two levels, the probability of hitting stop losses is high. Therefore, for a long position, we can wait for the 61.54 level on the RSI to be broken.
🔽 For a short position, the 38.02 level on the RSI is a good momentum trigger. We can also use the 2.7218 level as a trigger, but keep in mind that the main market momentum is bullish, so this short trigger is considered risky.
📝 Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
In this analysis, I will review the XRP coin. One of the oldest crypto projects, XRP aims to align crypto transactions with the SWIFT system. The coin has a market cap of $173 billion and is ranked 4th on CoinMarketCap.
📅 Daily Timeframe
After getting support at the 2.0013 level, XRP made a bullish move up to the 3.5603 resistance. Now, it has formed a descending triangle, and the volume has been decreasing as the price moves down.
⚡️ Currently, a crucial support zone has formed at 2.7218, which overlaps with the 0.5 Fibonacci level, forming a PRZ for us.
🧩 A descending trendline has also been created, and the price has touched it several times, making lower highs.
📊 To confirm the next bullish move for this coin, the first confirmation we need is the breakout of the trendline. The trendline breakout trigger is at 3.1152.
✨ Once this level is broken, we can open a long position. This trigger is the first long position trigger and is considered risky since we haven't yet received the main confirmation for a bullish trend.
🔍 The main trigger for the start of a new bullish trend is the breakout of the 3.3101 level. Breaking this level could start a new upward move for XRP.
💥 A very important confirmation for both long and short positions on the RSI is the breakout of the range between 38.02 and 61.54.
🎲 As long as the RSI remains between these two levels, the probability of hitting stop losses is high. Therefore, for a long position, we can wait for the 61.54 level on the RSI to be broken.
🔽 For a short position, the 38.02 level on the RSI is a good momentum trigger. We can also use the 2.7218 level as a trigger, but keep in mind that the main market momentum is bullish, so this short trigger is considered risky.
📝 Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
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🏆 Trade & Earn : bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
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.
💥 Don’t Miss Out!
🏆 Trade & Earn : bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
🏆 Trade & Earn : bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
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.