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XRPUSDT trade ideas

The long awaited XRP pullbackHello, traders! I’ve got some great news. From now on, I’ll be reviewing coins that my readers are most interested in — specifically, the most popular and trending ones in this cycle. And the first one on the list is XRP. Considering BTC's ambitious targets for 2025 and the potential for significant regulatory shifts, XRP is just beginning its journey... The price has found support at the $1.9 level, forming a zigzag correction. The retracement targets have been met, and XRP could continue reaching new all-time highs. However, due to the overall market weakness, the risk of a double zigzag remains. Given this, it’s reasonable to start building a position with the possibility of averaging down in case the price revisits local lows. Recent News --> Following the bull run triggered by news of SEC Chairman Gary Gensler's potential resignation, we’ve received fresh updates about the New York regulator approving Ripple's stablecoin, RLUSD. Ripple CEO Brad Garlinghouse confirmed the development today, adding that the company will soon announce exchange listings and partnerships for the asset. If you enjoy this new format, please support the idea and leave a comment.
by Real_CryptoRoy
1
XRP GETTING WEAK. BE CAUTIOUS Just wanted to point out a few things on xrp. First off it’s had an amazing run. Gotta give it that. But nothing goes up forever. Greed takes over and big boys will always take their profits. Xrp volume is consistently going down lately. Strength is starting to show signs of weakness and rolling on over soon. We are at 95 on the rsi 5 day here. Price going up as volume falls is a sign of divergence as well. All signs lead to a reversal soon. Be careful out there guys. Happy trading, and God bless all.
Short
by Thetraderedge
1
Ripple's RLUSD Launch: A Catalyst for XRP's AscentRipple has launched its stablecoin, RLUSD, which has immediately spurred a notable increase in XRP's price. This launch not only marks Ripple's strategic expansion into the stablecoin arena but also positions XRP for potential new highs, catalyzed by both technical and fundamental advancements. Fundamental Impact: RLUSD's Design and Utility: RLUSD is designed to be fully backed by US dollar deposits, US government bonds, and other cash equivalents, ensuring stability akin to traditional currency. Monthly third-party audits further enhance its credibility and transparency, making it a trusted bridge between fiat and crypto. Its multi-chain support allows for broader adoption and integration, particularly in cross-border payments and DeFi applications. This aligns with Ripple's vision to improve the efficiency of global financial transactions, thereby directly benefiting the XRP ecosystem. Enhancing XRP's Ecosystem: The introduction of RLUSD is seen as a vote of confidence in CRYPTOCAP:XRP and the XRP Ledger (XRPL). By providing a stablecoin that complements CRYPTOCAP:XRP , Ripple aims to increase the liquidity and utility of CRYPTOCAP:XRP , potentially attracting more institutional investors wary of cryptocurrency volatility. The stablecoin's launch is expected to integrate more seamlessly into Ripple's existing payment solutions, enhancing both the XRP Ledger's utility and Ripple's service offerings. Regulatory Approval: RLUSD has received approval from the New York Department of Financial Services (NYDFS), adding a layer of regulatory compliance that could further legitimize Ripple's operations and XRP's use in broader financial systems. This approval is pivotal for Ripple's expansion in the regulated US market, a move that could set a precedent for other stablecoins. Technical Analysis Price Movement: Following the announcement and launch of RLUSD, CRYPTOCAP:XRP has seen a significant uptick, with its price jumping to $2.66, marking a 12.61% increase in the last 24 hours. This surge has pushed XRP past critical resistance levels, breaking a wedge pattern and setting sights on $2.65 and $2.91 as the next possible resistances. The high trading volume accompanying this price rise, up by over 100%, reflects strong market interest and confidence in XRP's direction. Overbought Conditions: The Relative Strength Index (RSI) for$ XRP currently stands at 82, indicating an overbought market which suggests caution for short-term traders. However, for long-term holders, this surge from $0.69 to $2.698 in just two months underscores a robust bull market trend, potentially fuelled further by the RLUSD launch. The technical outlook, with the RLUSD news acting as a catalyst, suggests a trajectory towards $5 before Christmas, fueled by both the intrinsic value of the XRP Ledger and the new stablecoin's impact. Conclusion Ripple's strategic introduction of RLUSD is not just a step towards diversifying its offerings but a significant leap in enhancing the XRP ecosystem's robustness and utility. From a fundamental standpoint, RLUSD offers stability and regulatory compliance, which are pivotal for mainstream adoption in financial services. Technically, the stablecoin's launch has propelled XRP's value, with market indicators suggesting continued growth. As Ripple continues to navigate the complexities of crypto-finance integration, RLUSD and XRP together are poised to redefine how digital assets can be leveraged for global payments, potentially setting new benchmarks in the crypto industry before the year's end.
Long
by DEXWireNews
Cautious Moment - Leaning Bearish Based on the WeeklyThe weekly chart is showing signs of caution, with the most recent weekly candle closing as a 'Hangman' candlestick. This pattern is often associated with the potential end of an uptrend and the beginning of a correction. Supporting my bearish sentiment: The Weekly Chart The RSI (Relative Strength Index) is extremely overbought at 85.25, a level that typically signals an overstretched market. The Stochastic RSI is also in overbought territory, with the K line crossing below the D line, marking a bearish reversal signal. While an overbought RSI doesn't necessarily indicate an imminent dump, it does serve as a cautionary marker that a possible correction may be on the horizon. The Stochastic RSI, however, strengthens the bearish bias by indicating slowing momentum—a signal that aligns with observations on the daily chart. The Daily Chart On the daily timeframe, the price has corrected from the recent high of $2.94, marking what I believe to be the end of Wave 1. The current correction appears to be a Wave 2 correction forming within a descending channel. Here are the key observations: The last 7 daily candles have been either 'Spinning Tops' or 'High Wave' candlesticks. Both patterns are indicative of market indecision, with low momentum clearly slowing. The RSI and Stochastic RSI on the daily chart also reflect this flat momentum, further signaling the market's lack of direction. Elliott Wave Context - Wave 2 Correction Referencing Bennett McDowell’s 'Elliott Wave Techniques Simplified': 15% of Wave 2 corrections retrace between 23.6% and 38.2% of the Fibonacci levels. 70% of Wave 2 corrections typically retrace between 38.2% and 61.8%. So far, XRP has corrected slightly past the 38.2% Fibonacci level, suggesting that the Wave 2 correction could still be in progress. Based on historical patterns and current price action, I believe a deeper correction toward the 61.8% Fibonacci retracement level at $1.40 remains a strong possibility. Summary & Strategy This is a highly cautious area for XRP: I am not currently in the market and would only consider entering if there is a clear breakout above the descending channel, supported by volume. Even then, I would wait for a backtest of the channel to confirm the breakout is not a fake-out before entering a long position. However, given the current chart signals, I anticipate that XRP could correct all the way to the 61.8% Fibonacci level at $1.40. I don’t expect this correction to be clear-cut or quick; rather, it could evolve into a 'Complex Correction', with price chopping around before ultimately completing the retracement at the 61.8% level.
Short
by heywippa