Game plan for XRP

Updated

There is now a lot of resistance on the XRP chart.
It looks like a way down, but it's a crypto.
Thus, there is a possibility that if many short positions accumulate there, they may be eliminated and used to break through resistance.

Not the financial board.
Just for fun.

Trade closed: target reached

Note

XRP is under resistance, if it fails to break through, the possibility of triggering a correction.

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XRP does exactly what I pointed out in the Aug 30 idea.
There are no coincidences in Crypt, the growth can continue because the +70% pump will catch the attention of many people and FOMO and greed will do their job.
When FOMO kicks in, the big players sell at that time.
After the end of growth, I expect a gradual decline of - 70/80%.

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XRP is following the schedule beautifully.

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XRP is falling exactly on schedule, a bullish report would have to appear to trigger FOMO and be able to change direction.

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In a previous post I pointed out the fall to 0.30, it happened and was quickly bought back because it is a strong support.
The XRP chart is currently interesting and worth paying attention to, if it breaks through here, it can pump.
But there is still a risk that it will go -40% below the support (0.17) as always last time.

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I have to admit that the repeat cycle for XRP is perfectly repetitive so far, if the cycle changes at this point or if it completes the cycle and forms a bottom by December, that will be seen at the end of the year.
I'm all for completing the cycle.

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If there is no valid closing above 0.55 usd, then I would rather not touch it.

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XRP has a strong rejection from the level I pointed out.
If it closes below the trendline, it was probably a false breakout.
If you want XRP for some reason, I would wait for at least a 50% discount, which is likely to come in the next few months.

Note

I see a potential bearish flag on XRP, which already has a lower trend line with a target of 0.37 after a retest.
The overall pattern looks like a possible head and shoulders formation with a target at 0.30 support.
However, the lower support has not been broken yet, after it is broken and confirmed as resistance, the target will be very likely.
But I don't trade, I just enjoy guessing and charting the way to the bottom.
There are plenty of options, good news comes in and FOMO buyers pump it up, it crashes later after profit is taken.

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At 1M there is a possibility of a bearish flag that will form from June 2020 with a target below 0.2.
If there was such a significant downward price movement and the RSI remained at support, I think it would be a strong enough spring for an upward move.

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XRP made a false breakout of support, after absorbing liquidity it was subsequently rejected from the lateral trend line.
It is currently back under support.
Surprised faces have increased on You Tube trying to get some liquidity for their sponsors (whales) for further distribution.
I would be careful for now.
I don't like regulation, but if the big players have moved cryptocurrency trading to the level of gambling, I'm in favor of introducing regulation for this market.

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As I answered in the comments, if there is good news after the court decision, the pump and after taking the profit then crashes.
If you didn't bet before the FOMO pump, I hope not again, never get on the bandwagon.
I'm not interested in such trades and the exchange I use didn't have this thing on offer at the time anyway.

Note

The XRP rejection happened exactly where I expected.
In my opinion, XRP is entering a bottoming phase.

trader-123456

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