I have been expecting XRP to start moving up for a week now after first a strong bullish RSI divergence on the daily and hourly timeframes. But as always nothing is certain and the market can stay irrational for a while.
Now there is an even more bullish pattern, a falling wedge and these tend to break to the upside quite strongly.
As I don't trust the XRP chart too much ( without big government/bank adoption the long term looks bearish ) and I know general sentiment in the crypto community towards XRP is quite negative, I would only trade this as a breakout trade. But if it breaks it will move quickly.
The benefit of trading it through a M20 BitMEX derivative Contract is that you can use leverage and increase your Profit/Loss ratio quite a bit, with the stop loss just under the break level the risk is low.
Be careful leverage trading is risky so manage your position sizing accordingly!
If you like my ideas and the work I do, please check out the links in the signature and give me a like ;).
Now there is an even more bullish pattern, a falling wedge and these tend to break to the upside quite strongly.
As I don't trust the XRP chart too much ( without big government/bank adoption the long term looks bearish ) and I know general sentiment in the crypto community towards XRP is quite negative, I would only trade this as a breakout trade. But if it breaks it will move quickly.
The benefit of trading it through a M20 BitMEX derivative Contract is that you can use leverage and increase your Profit/Loss ratio quite a bit, with the stop loss just under the break level the risk is low.
Be careful leverage trading is risky so manage your position sizing accordingly!
If you like my ideas and the work I do, please check out the links in the signature and give me a like ;).
