XRP potential breakout soon (almost 50% upside)
Updated
XRP has been in a very nasty parabolic move downwards for a few months now, with almost no relief bounces (or at least, very short ones.)
I believe this move may have finished, due to the lack of bearish momentum, the huge RSI bull divs and also the fact that despite BTC gaining like crazy this past week, XRP has held up well after an initial drop
I think a safer signal would be a breakout of the parabolic advance, however I've been buying down here as it may be difficult to buy the breakout with slippage and whatnot. A standard fib retracement suggests a ~6750 sats target, which is almost a 50% upside (although it's hard to know where to place the fib, this is actually a conservative target.)
Stops? Probably below the horizontal resistance, around 3900 sats.
Happy trading!
I believe this move may have finished, due to the lack of bearish momentum, the huge RSI bull divs and also the fact that despite BTC gaining like crazy this past week, XRP has held up well after an initial drop
I think a safer signal would be a breakout of the parabolic advance, however I've been buying down here as it may be difficult to buy the breakout with slippage and whatnot. A standard fib retracement suggests a ~6750 sats target, which is almost a 50% upside (although it's hard to know where to place the fib, this is actually a conservative target.)
Stops? Probably below the horizontal resistance, around 3900 sats.
Happy trading!
Trade active
Aaaaaand breakout! Something great awaits those who were patient.Trade active
TP update: I've adjusted the fib here, target is now around 6500 sats. We are currently testing the last parabolic trendline resistance. Hopefully it smashes through!
There is still a chance of retesting lows if BTC decides to explode, but it looks like due to a breakout on the XRPUSD the BTC pair should be safe for now.
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