XRP/BTC: Thoughts / levels
XRP has been moving inverse to Bitcoin recently. Bitcoin pumps, XRP dumps, and the other way around. For the time being, this remains to be true.
I highlighted two possible outcomes here, bearish in red, bullish in green. I think support is pretty strong here at this level, and the nature of XRP may indicate a pump out of nowhere like the previous. Would target the red box (at resistance) for a long position, but momentum has been slowing on some altcoins with Bitcoin showing some weakness.
r/r for a long position off the support area that XRP is currently trading through is not bad with a stop shortly underneath the blue box, especially if BTC dumps due to the fact that XRP and BTC have been inverse recently.
I highlighted two possible outcomes here, bearish in red, bullish in green. I think support is pretty strong here at this level, and the nature of XRP may indicate a pump out of nowhere like the previous. Would target the red box (at resistance) for a long position, but momentum has been slowing on some altcoins with Bitcoin showing some weakness.
r/r for a long position off the support area that XRP is currently trading through is not bad with a stop shortly underneath the blue box, especially if BTC dumps due to the fact that XRP and BTC have been inverse recently.
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