XRPLong
$XRP :: Potential Scenario
Updated
We've bounced off of a pretty heavy resistance at $0.24 for the fourth time over the last couple weeks. Pair that with RSI trending upward and all of us heading into the weekend (which typically sees lower volume), and this weekend could see a relatively nice dip - creating the last best chance to add to your XRP stack leading into the SWELL event.
Our first target after we clear $0.24 is $0.267. Our second target will flirt with our recent high around $0.30.
XRP stack leading into the SWELL event. Our first target after we clear $0.24 is $0.267. Our second target will flirt with our recent high around $0.30.
Note
Added targets and tracking price here:
Buys: $0.225 - $0.2175
Stop: $.211 (Manual stop, won't place an order initially.) <- Super tight stop, could use $0.1979 as well.
Target 1: $0.27
Target 2: $0.30
Note
Looks like there was a large order from an individual buyer, looking at the 1 minute chart. That buy has pushed us up to retest $0.24 for a fifth time. We're sitting right on that line at this moment.This bump correlates with waking hours in Asian markets, where it's already Sunday morning.
This is an important area for us to watch closely. If we can push north of this resistance and close above it, this would signal for us to jump in.
If this get's rejected for a 5th time, we should still expect to see a retrace but might need to raise our entry target a little.
Situation remains fluid, would expect for us to know more heading into the evening over the next hour or two.
Note
Jump also correlates with $100 jump in 
BTC over the last hour. Something that we should also continue to watch.Trade active
Broke through resistance, signaled for us to buy. First target reached, $0.27. Next target is $0.30.Note
Note
Hanging right at our first target, $0.27. Building up steam for our next leg up to start the week. Trade closed: stop reached
Hit our first target ($0.27) for a 3rd time on Monday leading into swell, giving us a third opportunity to snag more profits. Fell just short of our second target ($0.30), reaching $0.295. Lots of impatient, weak hands dumping after day 2 without an announcement, driving us below our primary support /upward trend ($0.245) which triggered us to close out of our position. Shortly after breaking support, we fell through a second major support ($0.24) and look to have bounced off the next major support for now ($0.215).
Still have a third and final day of SWELL tomorrow, keeping an eye on our current situation. With some sort of announcement looming and super low prices, this may prove a good entry point to reinvest those profits - if we hold steady in our latest bounce off of $0.215. The candle, yet to close, is looking promising; potentially forming a hammer candlestick - a bullish reversal pattern.
A disappointing response to SWELL for sure, though.
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.