Hello everyone!
Looking at a mid term Ripple setup today, which could potentially bring up to ~55% profits!
Links to XRP:
https://coinmarketcap.com/currencies/xrp/
https://ripple.com/xrp/
https://xrpcharts.ripple.com/#/graph/
Lets dive into the chart:
https://www.tradingview.com/x/6zQ6VPSy/
Looking at the daily chart here.
This time with 2 fibs, one pulled some time ago in July for an earlier setup with the target at ~2775 satoshi (2.618 fib line and if you look to the left the same level was a resistance throughout 2020) and the other pulled from the last run up.
Here a usefull thing to notice is how after rallying ti 2.8k the price made a pullback and used the 0.5 fib line (2397 satoshi) as the bounce point.
First to say that there is a potential downside, thus a better buy opportunity if the price starts going down from the 2600 satoshi where it's at right now.
The anticipated support is at roughly 2220 satoshi, which was a resistance area whose break marked the last run up to 2.8k satoshi as well as the 0.236 fib line of the new fib.
Today's setup has 2 targets, the first one being around 3300 satoshi, bringing 25% profit (48% in case of a pullback to 2.2k first) is derived from multiple indications; 1st a resistance line marked july last year which was used multiple times, 2nd the 4.236 fib line of the previous fib pulled and the 1.618 fib line of the new fib.
The second and final target of this setup is the area between 4000 and 4300 satoshi with 55% potential profits (~85% in case of a pullback to 2.2k first).
The reason for making this a whole area is that the 4k line is clearly a line of big importance as it was (nearly) perfectly hit 3 times already marking ultimate tops and bottoms of resistance/support, but the whole resistance (previously support) area reaches up to even 4400 satoshi from where we can see the price doing strong recoveries in the past.
All that make the whole area a decent one to spread out some sell orders or try enter a short position if opportunity shows.
Hope you can use today's setup for your advantage!
Wishing everyone profitable trading and good luck in the markets!
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This post is NOT financial advice or any kind of recommendation, nor is CryptoChartArt licensed to give one!
It is a personal opinion and view on the chart!
Intended for entertainment purposes only!
Regards, OZ