MagicPoopCannon

Ripple Set To Send Shock Waves on Liftoff — Pun Intended (XRP)

BITSTAMP:XRPUSD   Ripple / Dollar
Hi friends! A lot of people have been asking for an update on Ripple. Well, the wait is over! Let's get right to it! Looking at the four hour XRP chart, you can see a common theme, that is presenting itself in most of the crypto space — an inverse head and shoulders pattern. This one is interesting. You can see that I have two targets up on the board. The reason for this, is actually because of the slope of the neckline, which is steep and negative. Necklines of inverse head and shoulders patterns that slope down are not as bullish as those that slope up. This is why I have a low target, and then a high target. The first target is at the 61.8% retrace, at about 1.40, and the second target is all the way up at the 50% retrace, at about 1.76.

Looking at the most recent price action you can see that XRP held the 78.6% retrace like an absolute beast. It tested it on many different occasions, and each time held. That left XRP with no choice but to head higher, which it's currently doing. Now, we can use the 78.6% retrace as a line in the sand. For educational purposes, if you wanted to be aggressive and go long here, you could place a stop slightly below the 786, and that would be a really nice trade entry. You can see that XRP has broken above the 50 EMA (in orange) and is now heading up to test the 200 EMA (in purple.) Volume is picking up slightly, and the MACD is crossing over the zero line, which is a technical buy signal.

If you look inside of the head, at the last time XRP crossed over the 50 EMA , you can see that a nice rally ensued. Perhaps, we will get a similar rally, particularly if XRP makes it's way above the 200 EMA and the neckline resistance.

Overall, XRP appears to have bottomed with many other assets in the crypto space, and we appear to be gearing up for a move higher. For now, let's watch for the breakout above the neckline resistance, and keep an eye on the support at the 786. This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-Magic loves you-

-JD-
So, say someone saw this last night and xrp was at .95. He went to bed and awoke to xrp at 1.05. He bought in at 1.04 which immediately set off a downward spiral.

Where is the best place to set a stop loss? Should he set it under the 786 to make sure he doesn't miss out on any upcoming bull runs or just sell now or something else?

Asking for a friend.
+2 Phản hồi
Basic technical analysis
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I warned you folks!!, stay away from this coin: https://twitter.com/coinbase/status/970746383308177408


+3 Phản hồi
streetgainer streetgainer
@streetgainer, See that pink channel? yeah, that one, the one headed STRAIGHT down!... see it? Get used to it!
+1 Phản hồi
galexg streetgainer
@streetgainer, looks to me like .96 is holding pretty good.
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@galexg, My chart is xrp/btc, not xrp/usd
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@galexg, Take my advice, move along, it's going to 30 cents on the USD chart. Not quite sure why the xrpusd pair is being charted here, but whatever. $.30 Target
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coinbase said nah bruv, ripples last hope of life gone lol
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Common volume!!
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Ripple CEO better come out of that CNBC interview having said "I do" to the Coinbase CEO...
+4 Phản hồi
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