XRP → Ripple Heading Down to $0.53? This May Surprise You.
XRP had yet another rejection off the top of the Triangle Resistance, pushing the price down below the Daily 30EMA. The crypto market as a whole is pulling back from its recent bull run. Are we going down?
How do we trade this? 🤔
I believe the crypto market is going to reverse to the downside in the coming weeks. Refer to my recent Bitcoin lifetime analysis for those details:
What does that mean for XRP? Given the large bear candle after contact with resistance closing below the Daily 30EMA, RSI below the Moving Average, the crypto market itching for at least a pullback if not a full blown reversal to previous lows, XRP has a high likelihood of touching the Triangle Support. The short-term trade option is to short scalp the market to the bottom of the Triangle with a 1:1 Risk/Reward Ratio. I would use a small position size give we have some distance from Resistance and that this is a scalp, which is inherently higher risk but in trade for greater probability of success.
💡 Trade Idea 💡
Short Entry: 0.61
🟥 Stop Loss: $0.67
✅ Take Profit: $0.55
⚖️ Risk/Reward Ratio: 1:1
🔑 Key Takeaways 🔑
1. Contact with Triangle Resistance, falling below 30EMA.
2. Last Daily Candle Closed Below 30EMA.
3. Gap to 200EMA and bottom of Triangle.
4. RSI at 44.00 and below Moving Average, Bias to Short.
5. Bitcoin Showing Signs of Reversal. Scalp Short.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and comment if you found this analysis useful!
How do we trade this? 🤔
I believe the crypto market is going to reverse to the downside in the coming weeks. Refer to my recent Bitcoin lifetime analysis for those details:
What does that mean for XRP? Given the large bear candle after contact with resistance closing below the Daily 30EMA, RSI below the Moving Average, the crypto market itching for at least a pullback if not a full blown reversal to previous lows, XRP has a high likelihood of touching the Triangle Support. The short-term trade option is to short scalp the market to the bottom of the Triangle with a 1:1 Risk/Reward Ratio. I would use a small position size give we have some distance from Resistance and that this is a scalp, which is inherently higher risk but in trade for greater probability of success.
💡 Trade Idea 💡
Short Entry: 0.61
🟥 Stop Loss: $0.67
✅ Take Profit: $0.55
⚖️ Risk/Reward Ratio: 1:1
🔑 Key Takeaways 🔑
1. Contact with Triangle Resistance, falling below 30EMA.
2. Last Daily Candle Closed Below 30EMA.
3. Gap to 200EMA and bottom of Triangle.
4. RSI at 44.00 and below Moving Average, Bias to Short.
5. Bitcoin Showing Signs of Reversal. Scalp Short.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and comment if you found this analysis useful!
Comment:
XRP had a nice fall to the 200EMA and came right back up to the secular trend. We need one more good re-test of the 30EMA to break down and with a good sell signal and confirmation bar, can enter a short scalp to the $0.53 area.
More updates to come as they unfold!
XRP had a nice fall to the 200EMA and came right back up to the secular trend. We need one more good re-test of the 30EMA to break down and with a good sell signal and confirmation bar, can enter a short scalp to the $0.53 area.
More updates to come as they unfold!
Comment:
XRP continues to meander sideways right on top of the 30EMA and right at 50.00 on the RSI. There are not trade opportunities on the Daily timeframe, we need to zoom into the 5m chart and long scalp between $0.60 and $0.63 with relatively small positions.
Until the price action gives us a strong move in either direction on the Daily chart, it's best to remain on the sidelines.
XRP continues to meander sideways right on top of the 30EMA and right at 50.00 on the RSI. There are not trade opportunities on the Daily timeframe, we need to zoom into the 5m chart and long scalp between $0.60 and $0.63 with relatively small positions.
Until the price action gives us a strong move in either direction on the Daily chart, it's best to remain on the sidelines.
Comment:
XRP is not printing the sell signals we need to enter this short trade. The price action continues to move unpredictably and unreliably sideways, so we ought not entertain the idea of a trade on this Daily timeframe. At best, zoom into the 5m and 15m timeframe for trading range entries.
A fresh XRP analysis will be published as soon as it starts to give us a setup!
XRP is not printing the sell signals we need to enter this short trade. The price action continues to move unpredictably and unreliably sideways, so we ought not entertain the idea of a trade on this Daily timeframe. At best, zoom into the 5m and 15m timeframe for trading range entries.
A fresh XRP analysis will be published as soon as it starts to give us a setup!
-Joe Dean
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Related Ideas
XRP continues to drift sideways just below the 30EMA. We're seeing too much support at the current price to short just yet. Watch for another move to the upside assuming Bitcoin decides to complete its measured move to $46,000 before changing trend. Once more good rejection off of the triangle resistance would be enough justification to short. We're far enough into the length of this bull run to be looking for the trend change, lets wait on the sidelines and be patient for that opportunity.
More to updates to come as the price unfolds!