Hello traders, XRP is currently facing selling pressure due to SEC complaint news. Well, since we do not know what the result is and anticipating this will take time to unfold, in the short term this should be considered a buying opportunity. XRP broke down the support around $0.46 and currently testing the next support at $0.33 - $0.35 zone which was the high back in August this year (resistance turning into support now). Also, the 100 DMA is currently in this area which can further support the price. I expect a pull back from here as illustrated in the chart wherein the buying zone and target zone are identified. It is highly possible that we are forming bullish flag and it will rebound above 0.4 in the coming sessions which will give us nearly 40% upside trade! If the SEC news turned out to be void and XRP wins, expect it to run all the way back to 0.8 but obviously this will take time.
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Good luck and ensure proper risk management!
Please share your thoughts and if you like this idea, please like & follow.
Good luck and ensure proper risk management!
Trade active
Support is holding and this looks like an ABC correction as below. Up we go from here and pull back should be bought. Note
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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.