Michaël van de Poppe - 15 October 2022
XRP, one of the strongest movers from the past period!
Hey everyone, in today’s blog, we’ll dive into the world of altcoins and chart $XRP!
XRP - USDT
Definitely, one of the strongest movers from the past period, as XRP sustained its level of support and even showed strength in the BTC pair, resulting in some momentum on that one.
The one-day timeframe looks like it wants to continue the upwards momentum as we can see the strength in the bounce, which we can see across markets. In that regard, you’d preferably want to see the area around $0.45 hold for support and if that’s the case, a retest at $0.52 is next on the horizon.
A clearcut breakthrough of $0.52 is giving argumentation for even further upwards momentum, targeting $0.65 and potentially even $1.
The 4-hour timeframe gives a bit more direction on the markets, as we can see in the chart. Heavy correction due to CPI resulting into a downwards move towards $0.45. That block wasn’t shown on the 1-day timeframe for support, but it pops up at the 4-hour timeframe resulting into a strong bounce.
The area for potential longs is quite clear. If a heavy correction on the markets does take place (which you preferably don’t want to see), then we’d be looking at a long entry around $0.45 again.
However, most likely you’d be looking at support around $0.48 for potential aggressive long entries on XRP, targeting $0.65. The final solution can be found by flipping $0.52 for support. If that happens, we can see the same continuation.
In our Trade Letter, we analyze multiple altcoins to give you a clear picture of the best current trading opportunities! This Friday Michael also charted $SOL, $QNT, and $RSR!
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