After a massive weekly candle that took XRP firmly out of bear market territory with a meteoric 70% gain over the space of a week, XRP is looking primed to test $0.5 again and this time breakout. Keep an eye on how it breaks out of this triangle consolidation and trade accordingly. If waiting to enter a leveraged position, only do so once we have confirmation of a break out of this triangle, up or down.
Other facts to take into consideration:
1) XRP is still roughly 90% from its previous ATH, making this a great risk to reward trade for me.
2) Ripple have announced a buy back of tokens that will help raise price.
3) Flare network have announced an airdrop to XRP holders, which is being speculated to drive further demand.
4) When XRP moves, it moves fast as we have seen over the last few days. In the 2017 cycle XRP saw 14x gains in just 4 weeks, it's explosive.
5) XRP has stood the test of time with regards to the crypto space holding the 3rd highest market cap for many years. Again why I see this as a low risk trade.
Other facts to take into consideration:
1) XRP is still roughly 90% from its previous ATH, making this a great risk to reward trade for me.
2) Ripple have announced a buy back of tokens that will help raise price.
3) Flare network have announced an airdrop to XRP holders, which is being speculated to drive further demand.
4) When XRP moves, it moves fast as we have seen over the last few days. In the 2017 cycle XRP saw 14x gains in just 4 weeks, it's explosive.
5) XRP has stood the test of time with regards to the crypto space holding the 3rd highest market cap for many years. Again why I see this as a low risk trade.
If it can hold $0.52 on the 4hr I believe our next targets are $0.6 and then $0.8.