Just entered a long position on XRP/USDT. Here's my quick take:
Entry: $2.1569
Stop Loss: $2.0388
Take Profit: $3.1512
Technical Rationale:
Eyeing a bounce from a clear support zone around $2.04-$2.10, where we've seen buying interest before. My SL is tucked just below this area. The target at $3.1512 is a significant previous resistance level from early May. This setup offers a compelling risk/reward ratio of over 8:1. Watching for price to hold this support and confirm the upward move. Potentially a mitigation play if recent lows were a liquidity grab.
Fundamental Check:
Always crucial with XRP – keeping a close eye on any breaking news regarding Ripple and the SEC, as that can heavily influence price. Positive developments could fuel this move.
Entry: $2.1569
Stop Loss: $2.0388
Take Profit: $3.1512
Technical Rationale:
Eyeing a bounce from a clear support zone around $2.04-$2.10, where we've seen buying interest before. My SL is tucked just below this area. The target at $3.1512 is a significant previous resistance level from early May. This setup offers a compelling risk/reward ratio of over 8:1. Watching for price to hold this support and confirm the upward move. Potentially a mitigation play if recent lows were a liquidity grab.
Fundamental Check:
Always crucial with XRP – keeping a close eye on any breaking news regarding Ripple and the SEC, as that can heavily influence price. Positive developments could fuel this move.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.