XRP Update: Sell The House For This Trade? A Loan?Same chart as before. Notice the perfect and highly revealing higher low. Can we go wrong with this chart setup?
The session 25-Feb. is a perfect hammer. Consider the fact that all the drawings and numbers on this chart were extracted many days ago. The fact that the action is ending perfectly on the drawn lines signals that our assumptions are correct.
There was strong buying on 3-Feb. and this strong buying revealed that the market wouldn't let prices move lower. The market wouldn't permit a lower low. If prices move down, as they did, buyers would show up, and the did show up.
Now we have a higher low but I have to say that still, the action feels weak. There can be more shakeouts. In fact, XRPUSDT can still move lower but $1.70 would still remain as an extremely powerful support.
Things can change in a day. The weakness that I am seeing today is because of a lack of volume and momentum but not all can happen in an instant. It takes time for anything good to develop. Let me explain.
It can happen that in a few days a big green candle does show up, accompanied by huge volume, and this would be the signal that XRP is ready for growth. To be honest, we don't wait though, we are buyers now, buyers yesterday and buyers tomorrow, with a long-term bias, always ready for growth.
We know the market is bullish. We know how XRP has been performing lately and we know what comes next. The next major move is a strong rise, so we are waiting for it to happen.
Since there is no doubt that XRP will be going up, the only logical move left is to buy and hold.
When in doubt, double-up.
If you are a leveraged trader and you have doubt as to the next move, don't use lev. Instead, go big in spot and only open a position when you are 100% certain, this way you can avoid any mistakes.
Instead of staying out 100%, it is better to be in but spot and accumulate as much as you can.
For a $5,000 position, you can do $500 with 10X and you can easily get liquidated with a 10% drop. On the other hand, you can go in with $5,000 spot and you cannot get liquidated, ever, you hold the actual coins.
A real loan can pay 10-20% yearly. A pair like this one can grow 500-700% within this year. Do the maths.
There are many ways to approach the market, many ways. Some people sell their house to perform a low risk trade. Other people want to trade with 100X and lose it all the same day.
It all depends on your style.
I will give you the chart with my honest opinion, you can take care of the rest.
Remember, I share what I see, no ulterior motives. When I believe it is going up I say up regardless of what anybody thinks. When it is bearish, I do the same.
Some people want to read only bullish analysis. Others think we are here to make some entity happy or something else. No! I am here learning and share what I learn.
Sometimes I am right... Other times...
Well, thanks a lot for your continued support.
Namaste.
