Technical Analysis and Trading Strategy for XRP
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Technical Analysis
- Support: $2.09.
- Resistance: $2.44.
- Indicators:
- RSI is approaching the overbought zone, signaling strong buying pressure.
- Price is above the 50-day and 200-day moving averages, confirming an uptrend.
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Trading Strategies
1. Long Trade: $XRP
- Entry Point: Above $2.44 after a confirmed breakout with high volume.
- Take Profit: $2.60 (short-term), $2.75 (mid-term).
- Stop Loss: Below $2.09 or based on a 1:2 risk-reward ratio.
2. Short Trade: $XRP
- Entry Point: Near $2.44 if a reversal signal appears.
- Take Profit: $2.09.
- Stop Loss: Above $2.44. $XRP
