Trading Setup for $XRP :
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🗳️ Entry Point: Consider entering a long position if XRP breaks above the resistance level of $0.62 with strong volume. This would indicate a potential breakout and continuation of the bullish trend.
🗳️ Stop Loss: Set a stop loss below the key support at $0.54 to manage risk in case the breakout fails and XRP pulls back.
🗳️ Take Profit Targets: The first target can be set at $0.66, followed by a more ambitious target of $0.75 if momentum continues. Alternatively, if the bullish wave count plays out, you could aim for $1.26 as a longer-term target.
🗳️ Alternative Scenario: If XRP fails to break above $0.62 and starts declining, watch for a potential short setup near $0.46. If price breaks below this support, a further drop towards $0.37 or $0.28 could occur.
🗳️ Risk Management: Ensure position sizing aligns with your risk tolerance, and be prepared to adjust the stop loss to break even if the trade moves significantly in your favor.
This setup aims to capture a breakout move, with clear risk parameters and potential profit targets.