XRP - Update
Happy New Year to all!
Not updated publicly XRP for some time, here are a few notes on this pair.
Back in the middle of last year, we saw a nice move down to create its first MP move.
This followed by the value area being used multiple times before a move back up to the MP centre above.
Although XRP has it's own playbook, with the lack of liquidity currently seen across crypto - it's closer correlated to Bitcoin's price sentiment than usual.
Keep an eye on indication from Bitcoin's data for any signs of a potential push.
XRP has enjoyed a dominance place over the strength of both Ethereum and Bitcoin of late, will it kiss and pull up or dip below? Well, this is where the SoS's will be key in figuring out it's next move away from liquidity.
We saw the first test back into the lower liquidity zone, in the early hours of this morning.
But as I mentioned above, the market will likely be driven by nothing more than Bitcoin's move up. Until we get signs from COT - more hand sitting. The market itself, highlighted with the red box on the indicator. Still clearly negative.
Stay safe & again, wishing you a Happy New Year!
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
Not updated publicly XRP for some time, here are a few notes on this pair.
Back in the middle of last year, we saw a nice move down to create its first MP move.
This followed by the value area being used multiple times before a move back up to the MP centre above.
Although XRP has it's own playbook, with the lack of liquidity currently seen across crypto - it's closer correlated to Bitcoin's price sentiment than usual.
Keep an eye on indication from Bitcoin's data for any signs of a potential push.
XRP has enjoyed a dominance place over the strength of both Ethereum and Bitcoin of late, will it kiss and pull up or dip below? Well, this is where the SoS's will be key in figuring out it's next move away from liquidity.
We saw the first test back into the lower liquidity zone, in the early hours of this morning.
But as I mentioned above, the market will likely be driven by nothing more than Bitcoin's move up. Until we get signs from COT - more hand sitting. The market itself, highlighted with the red box on the indicator. Still clearly negative.
Stay safe & again, wishing you a Happy New Year!
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
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