XRPUSDT: take advantage of the pullback and buy the dip -> LONG At the time of writing XRP price is ranging in $1.07-1.11 area, a decrease of -11% in the last 24h.
After reaching previous LONG targets in fact, the asset couldn't break the resistance at $1.32 level, therefore it is now suffering a pullback. Historical data show us how whenever the price found strong resistance, a rapid pullback occurred up to 100 daily EMA level (orange line in the graph), for later bouncing up again.
This can be a good entry opportunity for long position.
On daily chart RSI shows how the currency lost its momentum and it is currently finding its support at 62 level, while on 4h it is at 37. Being close to oversold conditions, this can result in a short term bounce but the overall condition is still bearish. MACD support this hypothesis as on 4h timeframe it crossed below the trendline, while on daily even if still above, it is approaching a downtrend momentum.
For these reasons I expect the price to drop in $0.84 - $0.87 area, with 100EMA acting as a support as shown by historical data. As I don't expect the price to go below these levels this is the entry point for LONG position.
Stop loss should be put above the 200EMA as whenever this level was broken, huge downtrend happened.
Targets can be spot in the chart.
