XRP / TetherUSUpdated XRPUSDT
The XRP/USDT chart is currently in a sideways consolidation pattern between $0.588 and $0.595, indicating a lack of strong directional movement. The price has remained within this range with a notable fake breakout below support, which quickly recovered.
Key Technical Points:
Support Zone: Around $0.588
Resistance Zone: Around $0.595
Fake Breakout: The dip below $0.588 was a false breakdown, indicating the possibility of a range-bound market in the short term.
Strategy:
If Range Holds: Consider trading within the range.
Entry: Long at $0.588 (support) or Short at $0.595 (resistance).
Targets: Aim for a profit-taking strategy of around 0.003-0.005 points from entry.
Stop Loss: Place stops below $0.586 for long positions and above $0.597 for shorts to avoid false breakouts.
Breakout Scenario:
If the price breaks and holds above $0.595, enter a long position targeting $0.600.
Conversely, a sustained drop below $0.588 could signal a short opportunity, targeting the $0.580 region.
This strategy focuses on the current sideways trend, allowing for quick reaction to potential breakout moves.
Key Technical Points:
Support Zone: Around $0.588
Resistance Zone: Around $0.595
Fake Breakout: The dip below $0.588 was a false breakdown, indicating the possibility of a range-bound market in the short term.
Strategy:
If Range Holds: Consider trading within the range.
Entry: Long at $0.588 (support) or Short at $0.595 (resistance).
Targets: Aim for a profit-taking strategy of around 0.003-0.005 points from entry.
Stop Loss: Place stops below $0.586 for long positions and above $0.597 for shorts to avoid false breakouts.
Breakout Scenario:
If the price breaks and holds above $0.595, enter a long position targeting $0.600.
Conversely, a sustained drop below $0.588 could signal a short opportunity, targeting the $0.580 region.
This strategy focuses on the current sideways trend, allowing for quick reaction to potential breakout moves.
Trade active
.Trade closed: target reached
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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.
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.