Ripple is in an uptrend with the formation of higher highs and higher lows. This trend needs a corrective move towards the support side at the given price of 0.630, and then create an impulse move upwards. This will be the price zone of the buys we will take from the support onwards. We have missed the move earlier, but now, we are also looking at the double bottom for the buys. The market is now bullish and is going to continue to create another impulse.

There is no trendline indication on this setup.

The retracement level of 61.8% is in confluence with the support level which will pace the way for the market to tap up.

EMA 50 is bearish right now but also, its ranging in the market as the market has the price action depicted between two levels. Just recently, it has broken out from the EMA 50 and might continue its steep curve upwards. Also, we can use the retest of the EMA 50 as our profit targets. 

RSI is at 26. This is the bearish region and market needs to either break the 50 level and retest it or it has to go down towards the over sold region where it can buff up again.

Another chance on XRP buys?

Aug 05 2023

Stop Loss -6.95%

Holding time 8d22hr

0.62830

Entry price

0.58462

Stop loss price