Ripple has been in a bearish trend till recently, it formed a lower double bottom on the support level which needs to be evaluated for the bullish pattern to be continued to move up. Although, the whole crypto industry seems bearish at the moment but XRP being the financial system crypto still has the potential to continue moving up. The price for our longs is at 0.4700.

The descending trendline is hovering within the price action and has the strength to break the price action towards the upper side to continue moving upwards.

The retracement level of 75-78.6% just tapped into the support and is in confluence with the support level at the 50% of retracement.

EMA 50 is bearish and at the retest of it will be the potnetial for the profit taking.

RSI is at 46. It needs to tap above the RSI 50 after the breakout buy to continue marking up towards the over bought region.

XRP stacks

Oct 15 2023

Take Profit +7.92%

Holding time 5hr

0.46923

Entry price

0.50639

Take profit price