Suggested Entry: 2160
Target 1: 1915
Target 2: 1750
Target 3: 1560
Stop Loss: 2330
In a glance, the long term setup for XRP looks promising; it is trading within a descending wedge during a downtrend, which is a textbook pattern of reversal. However, it's important to take into consideration the fact that we have a 30% upside from a short position we could take. Candle patterns are showing a lack of bullish momentum, forming sequential doji patterns. Significant resistance levels are marked in red, support marked in blue. As the setup is inherently bullish, risk management is especially important for this particular position.
Target 1: 1915
Target 2: 1750
Target 3: 1560
Stop Loss: 2330
In a glance, the long term setup for XRP looks promising; it is trading within a descending wedge during a downtrend, which is a textbook pattern of reversal. However, it's important to take into consideration the fact that we have a 30% upside from a short position we could take. Candle patterns are showing a lack of bullish momentum, forming sequential doji patterns. Significant resistance levels are marked in red, support marked in blue. As the setup is inherently bullish, risk management is especially important for this particular position.
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