Wanted to upload a chart that I have been considering. XRP seems to be one of those projects that people hate or love. Let's try to see past that and just look at the chart. It looks as if the 200 MA has aligned with the Fibo to provide support for the current price action. The channel in the Fib has bounced the price action well a few times and it stands to reason that we may be at another critical area for an impulse move. The candles have had good wicking off the bottom Fibo level, and price action is consolidating above our largest support the 200 MA.
My current strategy is to play tight stop based on the 200 MA and Fibo support. While managing the risk I am looking for a retest of the next on the Fibo level that is currently resistance. Let me know what you guys are thinking about the XRP chart. As always, do your own research and above all manage your risk. Hope everyone has had a good year, and will have an even better one as we come into the final qtr.
*This is not financial advice.
My current strategy is to play tight stop based on the 200 MA and Fibo support. While managing the risk I am looking for a retest of the next on the Fibo level that is currently resistance. Let me know what you guys are thinking about the XRP chart. As always, do your own research and above all manage your risk. Hope everyone has had a good year, and will have an even better one as we come into the final qtr.
*This is not financial advice.