XRP - Short Term Trade
Updated
Hey guys, just a quick setup on XRPUSD. Broke out of the falling wedge. Could backtest first (a lot of alts have enjoyed doing this recently). That means $0.38 is also possible, so if you're entering now, perhaps a stop loss below $0.40 to re-enter at $0.37-38 is a wise move.
Otherwise, if it continues to move up and follow Bitcoin, we could see $0.43 and then $0.47 fairly quickly. If that major horizontal resistance breaks, we could finally see XRP go on a major run towards $0.60 and beyond. Since Bitcoin invalidated its recent bearish patterns (rising wedge, head and shoulders), I don't see any fundamental reason why XRP can't do the same. People are looking to invest in alts that have liquidity right now, especially in the wake of the Binance news yesterday. XRP, ETH, and LTC are the top alts next to Bitcoin, so that's where I think big money would be heading in the short term.
Just FYI, I'm pretty much ignoring the Bitcoin pairings for alts at the present time.
This is not financial advice. Just something I'm seeing, and I'm curious to see if it plays out. This is for educational and speculative purposes only.
-Victor Cobra
Otherwise, if it continues to move up and follow Bitcoin, we could see $0.43 and then $0.47 fairly quickly. If that major horizontal resistance breaks, we could finally see XRP go on a major run towards $0.60 and beyond. Since Bitcoin invalidated its recent bearish patterns (rising wedge, head and shoulders), I don't see any fundamental reason why XRP can't do the same. People are looking to invest in alts that have liquidity right now, especially in the wake of the Binance news yesterday. XRP, ETH, and LTC are the top alts next to Bitcoin, so that's where I think big money would be heading in the short term.
Just FYI, I'm pretty much ignoring the Bitcoin pairings for alts at the present time.
This is not financial advice. Just something I'm seeing, and I'm curious to see if it plays out. This is for educational and speculative purposes only.
-Victor Cobra
Note
Getting very close to the first target! Note
Again, alts are moving slower than Bitcoin. This is the trend. But they are at least moving up.Note
First target reached : ) Note
Some decent volume coming in for XRP. Almost to the second target. Let's see if it can make it up there. If we're to finally break that area, we'd need to see even bigger volume. Note
$0.46-47 area has been reached. This was the second target area for the short term trade. Happy to see this played out : ) The next step would be for XRP to break this resistance zone and head towards $0.60, but as I said, we need much more volume.
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