With Bitcoin hitting new ATHs we see some momentum building up in XRP. Last cycle when Bitcoin crossed it's ATH XRP exploded by something around 170%. May not happen so quickly again but the charts are pointing to more upside.
Presenting the chart and a trade idea that displays a position that i'm in already. Got a slightly better entry with over 2 cents in profit at the time of writing it.
I think that the recent drop to 0.5386 could've been the last correction move before a long term breakout to the upside. Even with this entry R/R ratio is at 1:2 so it is a trade that's worth taking from this perspective. Personally I'm hoping for a greater move that will potentially push XRP above the highs from the last cycle.
With violet colour I've marked the price ranges of XRP that I will be using to take advantage of corrections and breakouts in order to secure the best entries and exits as I'm managing this position.
Good Luck
Presenting the chart and a trade idea that displays a position that i'm in already. Got a slightly better entry with over 2 cents in profit at the time of writing it.
I think that the recent drop to 0.5386 could've been the last correction move before a long term breakout to the upside. Even with this entry R/R ratio is at 1:2 so it is a trade that's worth taking from this perspective. Personally I'm hoping for a greater move that will potentially push XRP above the highs from the last cycle.
With violet colour I've marked the price ranges of XRP that I will be using to take advantage of corrections and breakouts in order to secure the best entries and exits as I'm managing this position.
Good Luck
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added 20k xrp to the position as we corrected into the violet zone
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It's working. As mentioned before we are looking for a move that will be similar to the one where Bitcoin crossed 20k for the first time and XRP followed with a big pump. I think that this kind of breakout takes place now
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Good move into the zone above, currently rejected with potential for a bounce at 0.666 (dotted line is on the chart). Locked some profit today as we got into the resistance. Will be adding back if we see the bounce of the mentioned level.
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Order filled at 0.666 yesterday. Added 10k xrp
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what happened on Bitcoin was also a great opportunity. Falling back below the previous ATH for a brief moment. May add even more strength to the BTC breaking out so it fits XRP breakout theory
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Had not much time to update but I was out of position since we dipped below 0.666 again. Now opened position again at 0.59. Couldn't get entry in the violet zone but close
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Also I'm on short on nasdaq where I expect to see a swing to the downside. So it may not be long lasting position but it behaved well
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Added more with better entry
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Still accumulating XRP under the violet zone which I think are fair prices as long as the market is not reversing its direction
Still accumulating XRP under the violet zone which I think are fair prices as long as the market is not reversing its direction