Hey traders! As many of you know, there were recently big movements in Ripple. Just seven days ago, Ripple's price was 0.23, however, today's price is 0.74, which means a valuation of 321.73% in just one week. I want to share with you my XRPUSD analysis, where I identified a Pennat Flag pattern in formation. This pattern is used to be preceded by a big price movement (as mentioned before), therefore, it corresponds to a continuation pattern -a little breath before continuing going up-. As you can see, pattern is accompained by a Volume decresement, which confirms pattern formation. Additionaly, MACD is currently suggesting the possible beginning of a down trend, so we have to wait for further information. I'll be updating this post all the time.
What's next? According to technical analysis theory, we can wait for an increment of 180% Ripple's price in next days (which is the current height of the pole). This target might be too ambitious, that's why I recommend you to have several targets, as the half of pole's height.
MY ORDERS:
BUY STOP: 0.83072
Take Profit 1: 1.08381 Take Profit 2: 1.36664
Remember numbers can vary depending on your risk profile and price expectations. The numbers I propose should be use as a reference :)
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