XRP currently forming a clear uptrend channel, with a short-term level approaching of .3035 (the weekly MA).
If .3035 proves resistance once again, I would expect XRP to return lower to the bottom of this uptrend channel, only to later retest .3035.
Once XRP breaks above .3035 on the daily, the target would then be the .3150 to .3200 range.
All levels assume this uptrend channel remains in tact. If not, I would certainly change my short-term outlook. However, with the annual Ripple event SWELL soon approaching (11/07/19), it's important to consider being long up until the conference, where historically XRP has experienced nice gains with the anticipation of the event.
#XRP #NoLimit
If .3035 proves resistance once again, I would expect XRP to return lower to the bottom of this uptrend channel, only to later retest .3035.
Once XRP breaks above .3035 on the daily, the target would then be the .3150 to .3200 range.
All levels assume this uptrend channel remains in tact. If not, I would certainly change my short-term outlook. However, with the annual Ripple event SWELL soon approaching (11/07/19), it's important to consider being long up until the conference, where historically XRP has experienced nice gains with the anticipation of the event.
#XRP #NoLimit
Trade closed: stop reached:
XRP was not able to hold above this uptrend channel; i'm now changing my outlook, ready to sell on the very near term rally, and hopefully buy back at 2805, levels we did reach on 10/19/19. The 4 hr chart shows potential rollover with 2950-3000 as top resistance. All that being said, I plan to be very nimble and still long in the coming days after a re-entry, especially with anticipation of SWELL.