DISCLAIMER: I am not a financial advisor. All contents on this blog are solely my own personal views and for Cryptocurrency Trading education/entertainment purposes only. Cryptocurrency Trading is very risky. Losses can exceed deposits. Enter with discretion.
With the continued development on the trial hearings between the US Securities and Exchange Commission and the San Francisco based Fintech company Ripple, more and more investors gaining confidence attracting swing traders in the process.
I am not going to miss XRP's next move and I am seeing a long trade position oppurtunity.
XRP's current meta is in a big favor towards the buyers, at the time of writing this article, I have scanned in depth both the weekly, daily and 4hourly charts hinting for a bigger bullish move.
On the weekly charts, XRPUSD already made a Golden Crossing which the 50SMA crossing the 200SMA and seeing the 100SMA will try to cross as well hence supporting for stronger buying pressure.
The weekly last 2 candles' formation formed a very Bullish engulfing and formed a triangle shape where the XRP created new lower highs and higher lows in the last 3 weeks' price action. Once the PoD or point of decision both on the weekly, daily and 4hourly charts, decides in buyers' control, we may see a breakout towards a retest on over the weekend's high around $1.66-1.67. I am seeing the volumes on the four holding strong and the 1.50-1.56 offering supports for 3rd day now.
With that being said, once that weekend high is broken, we may see XRP surge fast towards the Longterm trend Fibonacci Retracement # 0.50 in reference to its only and all-time-high last January 2018. This price is estimated around the $1.71 level and if more buying volumes come in we may see more upside actions.
On the downside, if PoD fails then selling pressures can send XRP back fast towards the next crucial longterm Fib retracement # 0.382 where I speculate a lot of supports on the $1.30-1.34 regions.
So I decided to make a trade plan. A long position swing setup towards the longterm trend fibonacci (0.618) $2.09 before a new major correction to occur. This price will be my take profit exit.
I set the buy entry on XRP's PoD once bear controlling the price pace on the $1.34 and set stop loss on the $1.20 where another major support lies.
So this trade plan will give me an estimated Risk:Reward ratio of 5.429.
Till then we will keep watch the XRP against the USD.
Bon voyage XRP!
Happy trading all! God bless
