I do not like XRP from the fundamental perspective. However, I see an opportunity for a high conviction trade - and I usually have to investigate further. Here are some quick thoughts regarding the current XRP Price Action.
Note: I do not care about the lawsuit. I think they will lose.
XRP Weekly entering value territory "retest" of a resistance as support.
While the XRP USD 12H has a similar (but more bullish) price action pattern:
Our $PCC Trading bot is sensitive to trading ranges, moving average, and spikes in the volatility. It is currently long bias on XRP 2H
Another consideration is BTC.D Weekly. One cannot ignore Bitcoin in the current market. Although it moves with less volatility, it drives the market direction and provides context for the rest of the alt coin market.
I do not think it is likely for BTC.D Weekly to oscillate 8% upwards without even a week of consolidation.
Open Interest 12H is going to provide real time insight into what the derivative degens are doing. Large spikes in OI as the volatility contracts will show us a big move is coming - but the direction cannot yet be determined (with certainty.)
Additional Considerations:
I do not care about the lawsuit. Personally, I think they will lose later this year.
The pump will be giga if they do win. I am not a legal expert and its not like American Justice systems are well designed to be effective.
Subject to multiple "blackswans" ie: the court case, and the high correlation between stocks/crypto makes an event like upcoming PCE prints and FOMC dangerous.
Good R/R trade with multiple points of confluence regarding the price action. I do not care for XRP fundamentals.
Not financial advise.
