XRP - Breakout on the daily timeframeDear my friends,
Recently, I've been hearing a lot about Ethereum ETFs. Everyone is anticipating a breakthrough price increase similar to the Bitcoin ETF. In my personal opinion, this event is not a significant enough catalyst for market growth. There may be some capital inflow, but it won't be as substantial as we might think. Personally, I believe that news to trigger growth might come from LTC or XRP or some other old large-cap coins. Particularly, when observing the daily timeframe of the XRPBTC pair, I am more hopeful about this. Observing the price action, a breakout has been confirmed. The price has moved away from the long-term downtrend line. Looking more closely, the RSI indicator has confirmed this since early May 2024. If we look at the Ichimoku cloud, it has become very thin and a green cloud has appeared ahead. Regarding the price of Bitcoin, I still hold the view that a necessary correction is needed. However, this will not affect the price increase of XRP. So what I will do now is start DCA (Dollar-Cost Averaging) for XRP. The short-term target is the 1u price range. The medium-term target is 1.55u-2.3u. The highest level I expect for this season is 3.3-5.5u. I will only enter on SPOT and this is just my personal opinion, not any financial advice.
Best Regards,
