Trade Analysis #20: $XRP Price Poised for Modest Bull Run, But Caution Advised.
$XRP price is experiencing a modest bull run thanks to positive developments like the SEC lawsuit resolution, the first anniversary of the programmatic sales ruling, and CME adding XRP to benchmarks. However, remember that this might be a challenging climb due to the overall bearish market sentiment and XRP's lack of prolonged bullish runs this year.
If you decide to buy and hold XRP (go long) anyway, use low leverage and set a protective stop-loss order with ample buffer (around yesterday's Lowest price of the 1-day chart, $0.4441). XRP's price is prone to retracements before continuing to rise, so it's crucial to give the price room to breathe.
For taking profits, consider the initial resistance level at $0.54 and the significant resistance level at $0.62. Both these levels represent good opportunities to sell your holdings for a profit (take profit).
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