Based on the daily chart, this market can drop up to 1.00-0.85 zone. There are possible reversal zone at 2.00 and 1.50 which we also should take into consideration. So, we must be careful with long trades. If we look at the 4H time frame, we can see that the price bounces from the support zone formed by 2.00 level and SMA100. RSI confirms price reversal in the oversold zone. If the market breaks the downtrend line and moves above the local swing high, it will be an additional confirmation for further upward movement. We can try to catch such wave by placing buy orders above this zone. Entry level is 2.85 with stop orders below the local swing low at 1.85 level. As it’s the high risk trade, we should fix the main profit at 3.25 resistance level and leave the rest part of trade volume with profit target at 4.00 level. For long term trading, it’s better to wait for deeper retracement to 1.50 and 1.00 levels and open long positions based on confirmed reversal signals.Trading Signal for Ripple (XRPUSDT)
Cryptocurrency Exchange: Poloniex
Buy: 2.85
Stop-Loss: 1.85
Take-Profit: 3.25 / 4.00
Recommended Trade Volume: up to 10% from your deposit size.
