XRP - Descending Triangle Long to $0.75

Hello Future Millionaires!

We can see that XRP has printed a descending triangle on the daily. On this chart, I'm doing some technical analysis for a long setup! I also have a plan to go short should the bears come out in force!

Currently, we see strong horizontal support which has confluence with the daily 21EMA and the 0.5 Fibonacci on the bottom side of the triangle.

If we do not break down and the bulls take charge, then I'll be looking for a long entry!

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Guide to My Charts

-The dark magenta horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!

-Yellow lines are typically used to chart out pattern formations and trend lines!

-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).

-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.

-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.

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Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!

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Entry: 0.5529

T1: 0.577
T2: 0.600
T3: 0.633
T4: 0.660
T5: 0.690
T6: 0.7328

Stop: 0.4996

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R:R: 3.38
Risk: 9.64%
Reward: 32.54%
Leverage: 4X
Leveraged Risk: 38.56%
Leveraged Reward: 130.16%
Risk Assessment: MEDIUM-HIGH

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Disclaimer:

This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.

These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade or investment.