XRP: A-B-C needs to be completed
Updated
In my own analysis, XRP is one of the coins in which synced with BTC moves. I'd like to point out that these analyses are purely technical views, I am not perma-bull or perma-bear in Crypto or in any markets.
XRP needs to complete its B waves retracement to create the equal or lower high before I would see the C wave retracement towards the 0,7-0,9 $ zone.
Market structure: bullish, possible double bottoms at 1,4-1,48$.
Entry: 1,48-1,55$ (looking for strong candle patterns at the demand zone and sellers are exhaustive in volume. BE CAREFUL, the risk is still there due to the BTC volatility.)
Stop loss: below 1,40-1,35$. (should not hold this Long trade if price broke down the "white box" one more time, that could be a signal of bullish trend is over).
Taking profit:
• Target 1: 1,62-1,68$
• Target 2: 1,75-1,77$
• Target 3: nearly equal ATH, swing high (however I tend to be less positive in XRP to break out 2,06$ ATH, due to the BTC bearish weekly candles).
The main bias in the XRP chart is still bullish, however, a big correction is necessary for the upcoming weeks in May, to attract more buyers in the demand zone (below 1$)
Thank you for any comments and sharing.
XRP needs to complete its B waves retracement to create the equal or lower high before I would see the C wave retracement towards the 0,7-0,9 $ zone.
Market structure: bullish, possible double bottoms at 1,4-1,48$.
Entry: 1,48-1,55$ (looking for strong candle patterns at the demand zone and sellers are exhaustive in volume. BE CAREFUL, the risk is still there due to the BTC volatility.)
Stop loss: below 1,40-1,35$. (should not hold this Long trade if price broke down the "white box" one more time, that could be a signal of bullish trend is over).
Taking profit:
• Target 1: 1,62-1,68$
• Target 2: 1,75-1,77$
• Target 3: nearly equal ATH, swing high (however I tend to be less positive in XRP to break out 2,06$ ATH, due to the BTC bearish weekly candles).
The main bias in the XRP chart is still bullish, however, a big correction is necessary for the upcoming weeks in May, to attract more buyers in the demand zone (below 1$)
Thank you for any comments and sharing.
Trade active
Nice price action at the demand zone, seller's volume is reduced. LONG position is in active, entry 1,48-1,52.Note
First target: 1,62 reached.Note
The impulsive bearish candle is also projected ( at the white box and blue line in the demand zone). Yes as mentioned above, LONG side is facing the volatility from BTC, and XRP is synced with BTC at this moment. Risk control is the key.Trade active
A second chance to LONG XRP, demand zone is nicely held, I expect to see the B Wave completed as projected. Upper target: 1,55-1,157, or even higher like in the previous setup, if the major flow is strong enough.Trade closed: target reached
Target 1: reached as expected at 1,55 then price immediately got reaction, rejection. However I still do believe that we did break out the trendline, now XRP should be more bullish in the next 24h-48h, ultimately the target is nearly as same as the previous analysis around 1,7-1,9 top.Trade closed: target reached
Target 2: reached at 1,65-1,68Note
C Wave is completed or not? as I mentioned that XRP moves are synced with BTC under the bearish market condition. There would be NO "exceptional" performance alone for XRP. I would recommend that if BTC did go lower below sub 30k major support now, XRP will follow for sure to 0,3-0,45 cents again.
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