Just entered a long position on XRP/USDT. Here's my quick take:
Entry: $2.1569
Stop Loss: $2.0388
Take Profit: $3.1512
Technical Rationale:
Eyeing a bounce from a clear support zone around $2.04-$2.10, where we've seen buying interest before. My SL is tucked just below this area. The target at $3.1512 is a significant previous resistance level from early May. This setup offers a compelling risk/reward ratio of over 8:1. Watching for price to hold this support and confirm the upward move. Potentially a mitigation play if recent lows were a liquidity grab.
Fundamental Check:
Always crucial with XRP – keeping a close eye on any breaking news regarding Ripple and the SEC, as that can heavily influence price. Positive developments could fuel this move.
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