XRPUSD *Potential* Longs 📈
Updated
*Technical Analysis*
XRPUSD has broken out of a descending trend line with strong momentum. However, before we get exited we need to consider the fact that 0.50 is a crucial region of resistance for this pair and for that reason I do require a weekly candle closure above 0.50 to consider my upside targets of 0.60 and 0.70.
My favourable & alternate outcome for this pair is for XRP to close below 0.50 and retest our trend line and support region of 0.35 followed by an upside push to 0.70
*Fundemental Analysis*
There has been a telegram group of about +80K members that have the agenda to pump XRP on the 1st of February, should this be a reality I do expect institutional capital to retaliate and possibly stop people out by pushing XRP to a downside region of 0.25-0.30 making this overall move a pump and dump.
XRPUSD has broken out of a descending trend line with strong momentum. However, before we get exited we need to consider the fact that 0.50 is a crucial region of resistance for this pair and for that reason I do require a weekly candle closure above 0.50 to consider my upside targets of 0.60 and 0.70.
My favourable & alternate outcome for this pair is for XRP to close below 0.50 and retest our trend line and support region of 0.35 followed by an upside push to 0.70
*Fundemental Analysis*
There has been a telegram group of about +80K members that have the agenda to pump XRP on the 1st of February, should this be a reality I do expect institutional capital to retaliate and possibly stop people out by pushing XRP to a downside region of 0.25-0.30 making this overall move a pump and dump.
Trade closed: target reached
Not the retest we wanted but definitely the targets achieved.
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