Ripple will have a developers conference on the 30th this month, creating hype for another pump to 8000 levels.
However, I have been trading the king of hype coins, Tron, for over 5 months and I know that these rallies take place before the event, and after the event price drops very hard.
Therefore, we may set up another low risk short for XRP. You may wonder why I short only for XRP. That is because the risk is much lower if you get a very good entry, and it is very hard to predict the pumps due to it being a bear market.
This coin has been moving up on high momentum, so one last rally may be possible.
Therefore, long now
Long:
7813 (Current price)
I am using 100% of my capital with a very tight stop as this is a no brainer long.
Take profit:
Undetermined. Wait for a topping pattern or consolidation to form.
Short:
8300+
(Ideal entry is 8400, but it the top may happen above or below, so start scaling in.)
Stop Loss:
8700 sats
Alternatively, if we break 8700, that may mean another rally upwards, but that will almost certainly not happen.
Thanks for viewing!