xrp crypto news

Crypto traders anticipate a new rally soon

XRP heads to new yearly highs while the others take a backseat
Written by publisher team

  • Bitcoin price is showing strength as it maintains the $40,000 support area.
  • Ethereum price is developing an entry that could lead to a gain of 27%.
  • XRP price is poised to return to the $1 critical value area.

Bitcoin price action spent the week developing a bad head and shoulders bear trap. Ethereum price has pulled back from the recent rally, but has found support and is showing signs of buyers returning to continue pushing higher. XRP price has developed a near-identical reversal setup for Ethereum with Ripple targeting 20% ​​profit.

Bitcoin Price Offers Buying Opportunity Before Bitcoin Price Reaches $61,000

Bitcoin price action continues to present an excellent long opportunity ahead of the weekend. The theoretical buy entry is a buy stop order at $44,000, a stop loss at $40K, and a profit target at $61K. The trade represents a 4.25:1 return/risk with an implied profit target of more than 40% of the entry. A trailing two-box trailing stop will help protect any profit made after entering.

BTC / USD $1,000 / 3-box Reversal Point & Figure Chart

The long theoretical idea is invalidated if the bitcoin price has a daily or weekly close below the $39,500 value area.

Ethereum price targets a return to $4,000, eliminating short sellers in the process

The price of Ethereum, like Bitcoin and many other altcoins, has developed many bear traps. However, the bear trap created a point-and-shape buying opportunity known as the pole pattern. Pole patterns are a much more flexible style in point and figure chart, offering raw entries with simultaneous reversal settings. One such opportunity now exists for Ethereum.

The theoretical long setup for the Ethereum price is a buy stop at $3,400, a stop loss at $3,200, and a profit target at $4,300. This trade represents a 4.5:1 return/risk setup with an implied profit target of over 27% of the entry. A trailing stop loss of two to three boxes will protect any profit made after the triggered entry.

Ethereum / USD 50/3 squares reversal point and chart figure

The theoretical long entry is invalidated if the current column O reaches $2,950.

XRP price is falling and preparing to turn into a bull market

XRP price action has the best bullish breakout compared to Bitcoin or Ethereum. This bullish bias is because the entry from the pole pattern breaks the current bearish market angle and turns XRP into a bullish market.

The possible long entry is a buy stop at $0.80, a stop loss at $0.76, and a profit target at $0.98. Since this entry is based on a reversal of the pole pattern, XRP can move lower. If XRP moves lower, a 4-squared entry and stop will follow in tandem – but the profit target remains at $0.98.

Like Bitcoin and Ethereum, the potential setup for long XRP positions is 4.5:1 return/risk but with an implied profit of 23%. As a result, $0.98 could be very conservative, especially considering how long XRP has been in the flat-to-negative price action compared to Bitcoin and Ethereum.

XRP / USD $0.01 / 3-box Reflection Point & Figure Chart

This idea of ​​a long entry is invalidated if the price of XRP drops to $0.70.

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