Trading Idea

RIPPLE (XRP): Daily Chart | Technical Analysis

XRP Coin has not yet experienced the splendor like other Cryptocurrencies, and this is certainly one of the reasons why we are following Ripple, the second reason, and perhaps the most important one, is attributable to the technical structure on the daily chart. A few weeks ago we published a potential bullish harmonic structure on the 8H chart (see chart below) which currently still remains valid. At the same time, we have been looking for potential support and resistance areas (0.51 and 0.72), so we cannot yet rule out a bearish consolidation in the near term, but if this happens it should be considered an opportunity to add long positions. As we have already said in the previous analysis, we have two bullish Targets, but certainly the 1.40 area should be reached in the medium term. From our point of view, the bullish reaction from the previous bottom is not impulsive, it looks much more like a corrective structure (ABC for example), so further updates will be necessary. In conclusion, the best strategy for Day Traders is very simple, buy, buy and… buy on depth!

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