XRPUSDT - Parabolic or Sucker Rally? 🤔
Hi Traders, Investors and Speculators 📈📉
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year. Daytime job - Math Teacher. 👩🏫
If you've been following me for a while, you'll now that I am extremely bullish on XRP - have always been. Infact, here's a recent video I made on the potential and why I am bullish on XRPUSDT :
If you were lucky enough to jump in at these levels, now might be a good time to consider taking profits. It's an odd time of the cycle for XRP to rally, so just to be safe I would take most of my profits here. However, to consider further upside potential, there are two things I'm watching : First, the monthly candle close and secondly the technical indicator Phoenix Ascending together with the Bollinger Bands.
XRP is currently trading right above the first ever major support zone around 40c. There is another 7 Days left on this monthly candle. What we need to see now, is a monthly CLOSE ABOVE this level. If we do, we can consider more bullish price action for XRP and I'd be happy to add another short term swing spot position with a TP zone at 74cc. That would be a whopping 53% increase and might happen over the course of a few days. However, if not, then this was likely just a fakeout and more bearish price movement can be expected.
Don't forget to have a great weekend 🥂
_______________________
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CryptoCheck
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year. Daytime job - Math Teacher. 👩🏫
If you've been following me for a while, you'll now that I am extremely bullish on XRP - have always been. Infact, here's a recent video I made on the potential and why I am bullish on XRPUSDT :
If you were lucky enough to jump in at these levels, now might be a good time to consider taking profits. It's an odd time of the cycle for XRP to rally, so just to be safe I would take most of my profits here. However, to consider further upside potential, there are two things I'm watching : First, the monthly candle close and secondly the technical indicator Phoenix Ascending together with the Bollinger Bands.
XRP is currently trading right above the first ever major support zone around 40c. There is another 7 Days left on this monthly candle. What we need to see now, is a monthly CLOSE ABOVE this level. If we do, we can consider more bullish price action for XRP and I'd be happy to add another short term swing spot position with a TP zone at 74cc. That would be a whopping 53% increase and might happen over the course of a few days. However, if not, then this was likely just a fakeout and more bearish price movement can be expected.
Don't forget to have a great weekend 🥂
_______________________
📢Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎Hit like & Follow
We thank you for your support !
CryptoCheck
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SoftQuant Website
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