What's up investor friends?
The XRP/USD pair had experienced a strong fall last December 2020 (red line). All due to the SEC's lawsuit against Ripple and the subsequent announcement by Coinbase announcing the removal of XRP from its wallets.
But everything has been going better for the cryptocurrency since the beginning of February (Blue line), recovering its value little by little.
The price managed to reach the 0.65 ceiling (Red horizontal line) in mid-February but was unable to break it, thus returning to below the 0.50 support (yellow horizontal line) and remaining in a sideways trend.
The pair remained within an ascending channel visible on 1-hour candlesticks and is currently breaking out of this channel and the 0.50 ceiling (yellow horizontal line).
Possible scenario:
The next possible move for the pair this coming week would be upwards to the 0.60 and 0.65 price levels (white and red lines).
Personal opinion:
We could buy at this precise moment or wait for a pullback at 0.50. Profit taking would be at 0.60 and 0.65. Stop loss would be placed below the bullish channel support line around 0.4650.
Important
The information provided in this publication should not be considered as an investment recommendation. Trading cryptocurrencies, forex, stocks, among others, is risky.
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xrp has been in the news lately and as always I think there is no such thing as bad publicity :D
xrp in its history as I saw on its chart has been a fairly stable crypto, little volatile. but the latest moves have been interesting, I think it will be a good time more linear, accumulating, hovering around the 50-68% fibonacci zone corresponding to prices 0.4$ and 0. 55$, accumulating my theory gains strength because before those prices in the area of 0.2$ price there is a good amount of holders waiting for a good x2 or x4 anyway I consider that it is a crypto with good market cap and that this is still a very good price to invest ... just wait patiently.
That's a good perspective, my friend. And for holders it would be nice to get the price down to $0.2, it's a good support area. For day traders I think if they could use the scenario I have proposed, or in case of a downward breakout, a bearish scenario to the price 0.4650$ and 0.43$.
Greetings colleague!
Posted Using LeoFinance Beta
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STOPsolid stuff