As you can see from the highlighted red dots, every time XRP suddenly feel it found support on a value near the 17 cents region.
This time it was no different, the entire market dumped massively and a chain reaction caused one asset after the other to lose a lot of value in a short amount of time.
However, XRP was already not doing great but didn't deserve such a low price. There is incredible support around the .17 region as we have seen in previous drops. And for a few seconds today the price even dropped below it.
This caused the bulls to wake up again, and created a fantastic buy opportunity where you can enjoy the ride upwards again to find more normal levels for XRP to trade on.
I suggest a long position here that is closed relatively early, because if you look at recent price action XRP was actually not doing too well.
A logical exit for me would be around .18 as this is where the price was trading before and anything beyond it would just be speculation at this point.
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- Trading Guru
-------------------------------------------------------------- Disclaimer! This post does not provide financial advice. It is for educational purposes only!
I changed my XRP chart yesterday to explain to some newbies so this is a some what dumbed down version
Trading-Guru
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@Slippery09, I feel somewhat insulted by learning that my version is a dumbed down version of something that was already intended for newbies 😂😂😂, but I take it. I always intend to keep things simple, to the the point, and readable for everyone. I don't believe in too fancy indicators but try to use very strong fundamental concepts for my trading.
So far it's working out well!
Slippery09
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@Trading-Guru, lol, no brah, MY chart is a dumbed down version!
Explaining that it's relatively easy to predict what could happen, but less easy to say which way it will go
And yes, I don't really use indicators although the forks are good for seeing where the volatility will increase
sicabalutza
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@Trading-Guru, 1000 day down and not be diferent this time
With 100.000.000 injectet evrey month... You dont see more than 0,30 high
Trading-Guru
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@sicabalutza, That's enough for me though! I am more of a day trader, I don't intend to hold XRP (or any cryptocurrency for that matter) for an extended period of time. In this trade all I aim for is a move to 0.183 and then I call it a day.
I might even hope XRP drops again after that so new opportunities arise!
I will be posting more of these regularly, so follow me to find out about great trading opportunities
Trading-Guru
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I would also like to remind you that I make all of this available completely for free. If you like my work, you can help me out greatly by giving me a thumbs up on this idea
Trading-Guru
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How would you have charted this? Feel free to post a link to your own idea here as well