A More Solid And Conservative Look at XRP - By Trading-Guru

29 thg 11, 2020

In this technical analysis I will build on my previous idea for XRP that had a too bullish outlook. XRP has the tendency to move upwards extremely fast and it felt like this could've been such moment. However, also taking into account the relatively low volatility for the entire cryptomarket at the moment combined with the fact that it's a Sunday actually should have lowered my optimism in retrospect. Hey, we're all here to learn.

Now, let's take a closer look at XRP with a more rational outlook. I added a resistance zone around the 75 cents region. First of all, we see that there is price action that got stopped near this level causing resistance through price action. But second of all, look at what a beautifully round number the resistance took place, exactly 75 cents. This is considered a psychological zone of resistance.

I will suggest to build this trade up into two zones. The move from the current price to the 75 cents resistance, and upon confirmation of breakout of 75 cents we enter the second wave towards 90 cents. I tried to explain everything about these two trades on the chart itself. It should be self-explanatory but if you have questions or comments feel free to ask them down below.

-Trading-Guru