XLMUSD - Bullish due to XRP pre trial conference
Updated
XLM might go sideways for a couple of days but the trend is bullish on short term due to XRP pre trial conference.
The TA indicators looks good and we might touch the previous ATH 1.05$ but totally depends on how nice the XRP presents. Since these 2 tokens are always moving together (except since SEC announced the lawsuit) I expect to see more upward movement for XRP than XLM, but that coin is too volatile and the risks are also increased proportionally.
My target point is 0.75$, if the results of that conference shows some hope we might get up to 1$ or is starting to retrace God knows where.
Please do your DD, here I'm sharing just my point of view on this asset for the next 8 days.
The TA indicators looks good and we might touch the previous ATH 1.05$ but totally depends on how nice the XRP presents. Since these 2 tokens are always moving together (except since SEC announced the lawsuit) I expect to see more upward movement for XRP than XLM, but that coin is too volatile and the risks are also increased proportionally.
My target point is 0.75$, if the results of that conference shows some hope we might get up to 1$ or is starting to retrace God knows where.
Please do your DD, here I'm sharing just my point of view on this asset for the next 8 days.
Note
The bullish news comes from the fact that SEC commissioners are going against the chair. Since the current Chair is temporarily there and she's going against settlements it's good to see the other commissioners trying to support the principle of why SEC was created in the first place (protecting investors). Not agreeing on a settlement is the opposite of that bc a lawsuit can take years to be solved and doesn't help investors neither the companies. Next to be confirmed is Gensler whom is pro crypto in general, but there is no scheduled date for when that event is going to happen.There is a slight chance that the lawsuit is going to be dropped and a settlement to be announced
Since I'm not a PRO user I'm not allowed to post links
sec.gov/news/public-statement/peirce-roisman-statement-contingent-settlement-offers-021221
Note
Just a small updateThere was a small shakeout, don't get emotionally involved in trading and avoid the noise. Potentially, we might see the 0.49$ area in the next 12 hours but it's less likely for that to happen. If we do, I expect a jump back to 0.56$ and a continuation to 0.75$ area after the next 48 hours.
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If there is one thing that I hate about crypo is that everyone is allowed to manipulate the markets, from Elon Musk to whales. My stop wasn't reached, feel sorry for those whom got a hit due to this nonsense.
Trade closed manually
I took the hit too. I will have to reconsider a new strategy.
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