Ripple (XRP) Conference is from 30th to 2nd. Short the rally.
Updated
XRP is holding its conference from the 30th to October 2nd. Price looks quite good for another rally as it is testing resistance many times.
Looking at price action during the last conference, we can see price dropped 18% right after. While XRP may not drop that much, it is a good move to short the actual event as most times price drops after the hype ends.
Last conference:
Therefore, wait for the rally and short during the event. The price should not break 10k sats.
However, we are ready for all scenarios. If the price breaks the support, you may short:
Short:
7800 (close below)
Stop Loss:
Close back into range
I am hopeful XRP will rally so I can get a better short entry.
Short:
9180+
Stop Loss:
Manual (close above 9300 and price continues to be bullish)
10k absolute stop.
You may long here with a stop at 7800 but it is very dangerous. I would avoid longing XRP/BTC.
Looking at price action during the last conference, we can see price dropped 18% right after. While XRP may not drop that much, it is a good move to short the actual event as most times price drops after the hype ends.
Last conference:
Therefore, wait for the rally and short during the event. The price should not break 10k sats.
However, we are ready for all scenarios. If the price breaks the support, you may short:
Short:
7800 (close below)
Stop Loss:
Close back into range
I am hopeful XRP will rally so I can get a better short entry.
Short:
9180+
Stop Loss:
Manual (close above 9300 and price continues to be bullish)
10k absolute stop.
You may long here with a stop at 7800 but it is very dangerous. I would avoid longing XRP/BTC.
Note
This is how the previous rally played out. Test 0.236, fail, hold 0.382, then move up. 0.382 is at the 7400 levels.
Trade active
Here we are. Start entering here and have the majority of your position at the short target I listed.Note
if you are trading futures, there is a premium so do not use the numbers I listed here.Trade active
Dream short zone hit, you may enter with a small position here and add during the conference.Note
Awesome! In great profit so far.When BTC drops we will get more roe.
Note
13% profit. I believe after a bounce from support we will drop much lower.Trade closed: target reached
Target one hit. We will likely bounce from here and you can add more to your shorts.Leave a small portion open just in case we drop further. I have closed most my shorts at this area.
Related publications
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.