Looking at the most recent price action you can see that XRP held the 78.6% retrace like an absolute beast. It tested it on many different occasions, and each time held. That left XRP with no choice but to head higher, which it's currently doing. Now, we can use the 78.6% retrace as a line in the sand. For educational purposes, if you wanted to be aggressive and go long here, you could place a stop slightly below the 786, and that would be a really nice trade entry. You can see that XRP has broken above the 50 (in orange) and is now heading up to test the 200 (in purple.) is picking up slightly, and the is crossing over the zero line, which is a technical buy signal.
If you look inside of the head, at the last time XRP crossed over the 50 , you can see that a nice rally ensued. Perhaps, we will get a similar rally, particularly if XRP makes it's way above the 200 and the neckline resistance.
Overall, XRP appears to have bottomed with many other assets in the crypto space, and we appear to be gearing up for a move higher. For now, let's watch for the breakout above the neckline resistance, and keep an eye on the support at the 786. This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-
Where is the best place to set a stop loss? Should he set it under the 786 to make sure he doesn't miss out on any upcoming bull runs or just sell now or something else?
Asking for a friend.