In this idea we're looking at the XRPUSD price in the 12h timeframe. The price is moving along a trend resistance & we saw another rejection in the last week.
The major support is located at $0.30, which is where I place limit buy orders for multiple months now.
Within the triangle pattern, we can observe a Head & Shoulders pattern, which might confirm further downside movement.
The pattern is going to be completed with a move to $0.32, where things get interesting. Please keep in mind that a settlement/decision for the Ripple vs. SEC case could come up at any moment within the first half of 2023. The chances are - at least in my opinion - even. Nonetheless, we will see increased volatility.
How i trade XRPUSD
If you don't have the time to manage this trade by yourself, feel free to check out my bio below this idea.
Please always use risk management and keep an eye on the news :)
Cheers,
Ares
The major support is located at $0.30, which is where I place limit buy orders for multiple months now.
Within the triangle pattern, we can observe a Head & Shoulders pattern, which might confirm further downside movement.
The pattern is going to be completed with a move to $0.32, where things get interesting. Please keep in mind that a settlement/decision for the Ripple vs. SEC case could come up at any moment within the first half of 2023. The chances are - at least in my opinion - even. Nonetheless, we will see increased volatility.
How i trade XRPUSD
- Position: (Short)
- Duration: 2 -8 weeks
- Entry 1: 0.382
- Entry 2: 0.400
- Stop Loss: 0.420
- Target 1: 0.372 (take 20% profit)
- Target 2: 0.354 (take 20% profit)
- Target 3: 0.335 (take 20% profit)
- Target 4: 0.320 (take final profit)
If you don't have the time to manage this trade by yourself, feel free to check out my bio below this idea.
Please always use risk management and keep an eye on the news :)
Cheers,
Ares
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Target 1
