Am I looking for XRP/USDT?
I present you an analysis of XRP, remember I only share my own trades and they are not investment advice.
Signal Type: SpotBuyBuy
Input between .65 / .55
First target (Take profit 1): $1.00
Second objective (Take profit 2): $1.50
Third target (Take profit 3): $1.80
Analysis Detail:
1. 📈 Developing Symmetrical Triangle: The formation of an extended symmetrical triangle on the XRP chart shows how the price has been compressing since the 2018 peak. This compression is a classic sign of accumulation before a directional breakout. Since the price is pushing the descending resistance line, this points to a possible breakout.
2. 🟢 Trendline Breakout Check: The current move suggests a potential breakout of the downtrend line near $0.67. If the price manages a daily close above this level with confirming volume, it would be a clear validation of the uptrend.
3. 📊 Momentum Indicators: The oscillator at the bottom (possibly a Stochastic or RSI indicator) is showing a bullish tilt from the midpoint. This suggests that momentum has room to continue to rise without any immediate overbought signals.
4. 🟢 Volume as a key indicator: Although volume is not directly represented on the chart, a significant increase during the breakout is essential for confirmation. Above-average volume would confirm buyers' interest.
5. 🔍 Fibonacci Levels: The Fibonacci extension and retracements reveal key resistance areas at $1.00 (level 0.382) and $1.50 (level 0.618). These levels coincide with historical zones where the price has previously reacted, providing solid targets for exits.
6. 🟢 Higher Lows: Since the 2020 lows, XRP has been creating higher lows, which is an indication of buyer accumulation and a bullish trend in the background. Consolidation in the recent range supports the idea that the market is holding higher levels.
7. 📈 Correlation with the broader market: If major cryptocurrencies such as Bitcoin and Ethereum continue to rise, XRP is likely to follow this trend due to the positive correlation in market movements.
8. Divergences possible in other indicators: The absence of overbought conditions in the lower indicator suggests that momentum may continue. In addition, indicators such as the MACD are likely to show bullish divergences supporting a stronger move.
9. 📊 Potential for advancement to higher levels: If XRP breaks above $1.50 with good volume, the next major target would be $1.80, a level marked by the Fibonacci extension and historical resistance observed in 2021.
10. 🟢 Protective strategy: I place a stop loss at $0.55, which is below the recent ascending lows and outside the triangle breakout zone. This allows some flexibility to avoid false breakouts before making an exit decision.
XRP’s setup shows bullish breakout potential supported by the symmetrical triangle structure, positive momentum, and ascending lows. A firm close above $0.67, accompanied by volume, could be the trigger for a rally towards $1.00 and beyond to $1.80.
Please note that this analysis is not investment advice, but provides a detailed technical basis for a better understanding of the market.
Thank you for reading me and #let'stalktrading
