#XRP - More to come!

Since Ripple was victorious in its case against the SEC, XRP has given up almost 50% of its gains.

The initial euphoria and exchange re-listing price pump has dissipated and on the 3 day chart price is currently testing support supplied by the 20 moving average down 35% from its cycle peak.

However it's moving average analysis that might give an indication of a decisive upcoming bullish move.

The 3 day 50MA just crossed above the 200MA known as a golden cross. The last time this happened was back in November 2020 where we saw the beginning of a huge bull run that took price up 220%. A repeat here would see price run to $2.30, which given the attractiveness of XRP's product and its standing and support within the crypto community doesn't feel exactly outlandish.

Recently Ripple became a member of the International Swaps & Derivatives Association so expect to see development ramp up that is aimed directly towards traditional financial institutions. In the BlackRock ETF era this should dramatically increase the institutional demand.

On this basis I'm taking a new XRP position. We can see from the 2020 golden cross that price retreated dramatically before breaking up and this is entirely possible here hence the healthy SL. I'll just DCA should this repeat. For targets I'm going to take incremental profit at each Fib level shown - price has already respected the 0.382 level - its where price reached on the SEC victory pump.

Ultimately though the 2020 move was part of a wider economic and crypto pump and to replicate a move like that again in a top ten coin (by market cap) we'll need to see the market cap in its totality expand so this might be a slow burn, but even with incremental profit taking we should easily be able to double our investment if the technicals play out.

Happy to hear your thoughts and comments.