Good confluence all round for a short on XRP, i was waiting for BTC to reject the $96,555 price level but on smaller time frames it look like price was changing and volume had dropped, all the criteria i needed to enter the trade on XRP was met so i entered.
If BTC has another short pump to the $96,555 level then i may be stopped out on this XRP trade depending on how much it influences XRP as they are of course in correlation although XRP is usually slightly behind other ALT's.
The market is currently in a down trend, confirmed by the 50 SMA, we broke LL's then pull back to retest what was a support, now a resistance and this all aligned nicely with the 61.8% fib retracement level and finally this level is also a nice level to reject the 50 SMA
All of these are criteria's i follow for entry on positions, i'm looking to trade with the trend on bigger time frames. Again BTC's next movements will have an impact on how this plays out but if it does pump hopefully its only small and i placed my stop well enough to not be closed out of the trade. If BTC doesn't pump we could see XRP dump here.
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👉Keep an eye on the charts and your portfolio, and remember: DYOR -Crypto is always changing, so stay informed before jumping in! 🚀💸
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I hope this analysis has been helpful to you. If you have any questions, please feel free to leave a comment. I'm always happy to help.
I appreciate your support!