XRP price recently broke the bear market trendline on its $0.02/3-box reversal Point and Figure chart. That break occurred when XRP tagged the $0.92 price level, but it promptly sold off from there.
XRP price experienced a strong bounce on Saturday, extending gains into Sunday
Since converting into a bull market, the first pullback reached a low at $0.75. XRP price was not immune to the selling pressure that affected nearly all risk-on markets after last Thursday’s US CPI data release. However, buyers stepped in and generated a new reversal column of Xs, indicating continued bullish momentum for XRP price.
This past Friday, a bullish entry pattern was developing that looked like a setup for a breakout above a Triple Top pattern. However, it was augmented slightly due to the current O-column being the first reversal column after converting to a bull market. The entry, therefore, was on the three-box reversal, not the breakout above the Triple Top pattern.
The theoretical long opportunity for XRP price was a buy stop order at the three-box reversal, which triggered at $0.84. That theoretical long entry is still valid as XRP is currently trading near $0.81. The stop loss is at $0.78, with a profit target of $1.58. Profit-taking will likely occur before the projected profit target, near a former dominant subjective trendline (black diagonal line) around the $1.15 value area.
XRP/USDT $0.02/3-box Reversal Point and Figure Chart
The long trade idea for XRP price is a 12.33:1 reward/risk if the target is at $1.58 and 5.17:1 if the target is at $1.15.
Invalidation of this long opportunity would only occur if the current O-column returned to bear market conditions – which would occur if it moved to $0.62.
Cryptocurrencies fell sharply on Monday with bitcoin (BTC) nearing the $63,000 level during the U.S. session, finishing on a sour note of what otherwise was a...
The Dow Jones Industrial Average (DJIA) dropped more than 350 points Monday afternoon after Federal Reserve Chair Jerome Powell said that more interest rate...
Cryptocurrencies fell sharply on Monday with bitcoin (BTC) nearing the $63,000 level during the U.S. session, finishing on a sour note of what otherwise was a...