Waiting for XRP to Catch Up

• Since May of 2022, XRP has been trading in a range, Between 0.31 – 0.55 cents.

• XRP’s PA is highly correlated to Bitcoin (Correlation Coefficient >96%). I think it is safe to assume that if Bitcoin’s uptrend will continue, XRP will break above the range high to recover the July 13th wick (at least).
• XRP is above the 200, 50 & 21 Daily EMAs. The EMAs are beginning to spread apart with the short EMAs above the longer EMAs. This means that XRP’s short-term PA is turning bullish.
• A breakout 55 cents and a S/R flip is a prerequisite for a long trade.
Trade Idea:
• Entry: 0.55 (range high s/r flip).
• SL: 0.51 (EMA cluster).
• Target: 0.90 (50% of the July 13th wick).
• TP: 0.625, 0.70, 0.85.
• R: R: 1:9 (1:1.8 to first TP).

Trade stängt manuellt:

I think current PA is weak. This trade isn't invalidated but i'll be on the sidelines for this one.