After taking a consecutive loss on XRP, we will try to take another long position on it.

XRP took a bearish hit and started to restart its bullish momentum. Market took a dip all the way from $1 and is residing at $0.65 at the moment. This price level is above the support level which is at $0.6 We will wait for XRP to tap the support level. Market is forming higher highs and higher lows. This indicates the bullish momentum forming.

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. The price of $0.700 is the ultimate price for the market to accelerate up.

Both the EMA's are in a bearish trend right now. The structure is now forming a bullish strcuture. We always consider EMA's as a third tool to analyse the markets. In this particular scenario, we believe that the EMA's will be pierced for the market to continue up.

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.

Right now, market fell to 0.6. This price, is ideal for the market to go long on. Our targets will be greater than the risk involved in this trade.

We will be looking for a 15% gain on the long trade.

XRP recap

Jan 27 2022

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