$XRP :: Third Best Buy Opportunity Since July?
Updated
XRP looks to be setup quite nicely for another run. The daily RSI has hit rock bottom for just the third time since July indicating that it's way oversold. In each of the previous two occasions, we've seen XRP bounce from $0.1486 to reach to $0.3029 and $0.2950 respectively. Now that we're sitting at what seems to be a solid base ($0.200 -> $0.05 higher than where the previous two runs began), we might be able to push through our recent high of $0.3029. In addition, there's been a lot of positive news (FA) surrounding XRP (in my opinion, the largest being a push for further xRapid adoption in Q4) since the SWELL debacle.A potential plan...
Buy: $0.199
Safer Buy: Breaking recent trendline (see screenshot below).
Target 1: $0.240 (21% profit, liquidate 20% of stack - buying more if we see a pullback with positive signs for continued growth)
Target 2: $0.267 (34% profit, liquidate 25% of stack, potentially adding to stack - see above)
Target 3: $0.299 (50% profit, liquidate 30% of stack, potentially adding to stack - see above)
Target 4: #HODL, long-term investment. (leaving at least 25% for additional fib/resistance breaks, if we end up breaking recent high as stated above)
Stop: $0.193 initially, with trailing stop following along the newly formed trendline to preserve any profits we might have built up.
If we do break south through our initial stop, we'll look for reentries off of a bounce. There's a fib support around $0.1808, recent support around $0.1674 and the ultimate bottom around $0.1486.
Not trade advice. #DYOR
Zoomed in for entries:
Trade closed: stop reached
Never found safe entry, closing.
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