#xrp #CurrentEvents Based on XRP/USDT on the 1-hour chart, here’s a quick technical breakdown and an example trade setup:
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Analysis:
Price Action: The price recently pulled back after hitting 2.3458, found support near 2.2101, and is now bouncing.
Moving Averages:
MA(7) (Yellow): 2.2740 – price is above it, showing short-term strength.
MA(25) (Pink): 2.2612 – acting as support.
MA(99) (Purple): 2.1806 – long-term trend remains bullish while above it.
Volume: There's moderate buying volume. Notably higher volume on the bounce from support.
Candle Pattern: There's a bullish engulfing pattern around the 2.2101 - 2.2890 zone, which signals a potential continuation upwards.
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Example Trade Setup:
Entry Point:
2.2850 - 2.2900 (near the current price and above MA(7)). You can wait for a minor pullback to this range for a better risk/reward.
Stop Loss (SL):
2.2100 (just below the recent swing low and the support level). This covers a breakdown below the consolidation.
Take Profit (TP):
TP1: 2.3100 (minor resistance area; safe target).
TP2: 2.3450 (previous high from earlier).
TP3: 2.4000+ (if momentum continues and volume increases).
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Risk Management Tip:
Risk/reward should be at least 1:2. If entering around 2.2900 with SL at 2.2100 (risking 0.08), a TP1 at 2.3100 is not ideal; better to aim for TP2 or TP3.
Use a trailing stop if it breaks above 2.3450 for maximum gains.
