- This pump on XRP is a bull trap to wipe out short traders before we continue lower to 0.1-0.2 USDT. Of course, you can trade XRP on the 1h chart and profit from this pump, but this analysis is on the 3D chart.
- There is still room to go to the upside, so for short-term traders it’s definitely an opportunity, but it’s very dangerous in my opinion because this correction might already be complete.
- The Bears have a fantastic opportunity to enter a short position at the top of the parallel channel + the POC of the previous symmetrical triangle. It is a common thing to re-test the symmetrical triangle at the apex point.
- The trend is still very bearish on the higher timeframes, so this is just a temporary uptrend, which I would never long, because the trend is your friend. I don’t know, maybe it is.
- XRP has been in a bear market since 2017. It has been 5 years and we didn’t even hit a new all-time high during the 2020–2021 bull market.
- We have strong support at 0.1 USDT, where we can also take stop losses below this swing low before continuing higher.
- As per my Elliott Wave analysis, this whole structure is totally incomplete and I am missing an impulse wave dawnward.
- But after all, I think XRP will experience a massive bull market, maybe in 2023-2025, to new all-time highs because it looks very solid on the monthly scale.
Ripple XRP – Bull trap! Don’t fall for this pump, important!
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Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.