Trading setup with $XRP , consider the following:
• Buy Point (BP): $0.61
• Take Profit (TP): $0.75 (target if the breakout is successful and the trend continues)
• Stop Loss (SL): $0.50 (below this level could invalidate the bullish scenario and indicate a potential downturn)
This setup assumes the bullish scenario is unfolding and takes advantage of the breakout above the key level. Adjust according to market conditions and risk tolerance.
#XRP is at a pivotal breakout point, but the breakout has not yet materialized. The coin is currently facing a descending trend line with five touchpoints, suggesting a potential triangle pattern. Elliot Wave analysis presents two scenarios: the Yellow count, where the B-wave has bottomed, potentially unfolding into a third wave up, or the White count, where waves one and two are complete, and we’re in a third wave up. The $0.66 level is critical—breaking above it could trigger a direct breakout and invalidate the White count’s triangle scenario. Conversely, a drop below $0.50 in the Yellow count would signal bearish conditions, while in the White count, it would confirm a wave C downward. Currently, XRP is encountering Fibonacci resistance, with the next level of resistance at $0.62.