Current Setup Across Timeframes:
Daily Chart: XRP is holding above the 200-day MA (0.536), which has provided strong support. The 50-day and 100-day MAs below this level add extra confidence to the bullish outlook, showing a stable trend with multiple layers of support.
4-Hour Chart: There’s a potential ascending triangle pattern forming, with higher lows pushing against resistance at 0.5786. This pattern is typically bullish, suggesting pressure is building for a breakout.
1-Hour Chart: The price recently consolidated around 0.550, close to the 50 and 100 MAs, which are both sloping upwards. This consolidation on lower timeframes indicates stability and the potential for an upward move.
Confluences:
Support Zone: The 0.530–0.540 level aligns with the 200-day and 4-hour 200 MAs, forming a strong support base across multiple timeframes.
RSI Levels: RSI on the daily chart is near 68, showing momentum without reaching overbought levels. The 4-hour and 1-hour charts show similar strength, reinforcing the bullish sentiment.
Volume Confirmation: Recent volume has been steady, but a breakout above 0.5786 would likely require a volume surge, especially with the rumor of BlackRock’s potential XRP ETF approval circulating.
Trade Strategy:
1. Primary Entry: Consider entering around the 0.530–0.540 range if a pullback occurs. This area aligns with significant moving average support and provides a high-probability entry.
2. Stop Loss: Set a stop loss just below 0.515, protecting against a deeper drop.
3. Take Profit:
First Target: 0.5786 – The top of the ascending triangle, where partial profits can be taken if resistance holds.
Extended Target: 0.600 – If price breaks above 0.5786 with volume, likely supported by continued bullish sentiment from the ETF rumor, aim for this level.
This strategy leverages the confluences across multiple timeframes, aligning with strong support levels and a bullish chart pattern, while preparing to capitalize on potential breakout momentum.
