Unless XRP breaks 0.8 price level, it is still bullish overall. The pullback is part of the market moves, and after a bullish impulse leg, XRP took a pullback. At this level, we will be looking for longs. If market breaks this support level, only then we will consider the trend reversing on a bearish side.

There is only one descending trendline, which has been pierced for the breakout buys. The candle was broken with force and validated. After the trendline breakout buys, what we see is the market retracing back to the golden retracement level.

The 75-78.6% retracement level is in confluence with the support level. This is the golden area for us to go long. Although the retracement level is a little below the support level, it can be wicked for the continuation up. 

EMA 50 has been broken out on the bearish side where as EMA 200 lays right at the support level for a retest. At the retest of the EMA 200 at the support level, we considerably have a good option for longs as three factors are absorbed there. Also the EMA 200 has a confluence with the retracement level. This level will be solid for buys.

RSI and CCI, both are moving back to the neutralized levels after a bearish leg down towards the over-sold regions. Once they cross their neutralized levels and the H4 candle sustains the bullish pressure, we will have an addition to our overall analysis for longs.

For long term holding, XRP is bullish. Given we trade based on a swing setup on cryptocurrencies, we have to take profits where our targets are set. The XRP trade has a good risk to reward ration and profit targets at the next resistance zone. If the market is able to pierce this current support, we will be out of the trade to look further for another opportunity.

XRP buys from 1.0500

Oct 25 2021

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