XRPUSD buyers have been having a good time. Last three day’s trading candles came out as bullish candles with fewer wicks. As far as daily candles are concerned, XRPUSD buyers are going to keep their eyes on its correction/consolidation and upside breakout to go long whenever opportunities are found.
Let us have a look at the Daily- RippleUSD chart.
The Daily Chart
The Daily- RippleUSD chart gives us an explicit message. The first daily bullish candle which helped the price came out from the congestion zone. Then, the second candle came into play which closed above last candle’s close. Today’s candle has been bullish so far as well. These equations are enough to attract the buyers of the XRPUSD.
However, traders love to find out a comfort zone from where they can buy or sell with minimum risk to get maximum reward. Over here, the price has not started having its consolidation yet. However, the H4 chart may give us a clue about the consolidation zone of the price.
The H4 Chart
The H4 chart shows that the bullish journey was not as smooth as it looked on the Daily chart. The price did have some consolidations after every now and then. By looking at the H4 chart’s price action, it seems that the level of 0.4432 might come into the game to participate and play an important role. The last H4 candle breached through the level. This indicates that the level has been an important level as far as intraday traders are concerned. Since a breakout took place right at the level, so the price might come back to the level and have consolidation. Another bullish movement after consolidation on the marked support level will surely attract more buyers to push the price to go towards the level of 0.5675.
Summary of the Trade
Entry: H4 breakout towards upside after a consolidation at 0.4432
Stop Loss: Below 0.4432
Take Profit: 0.5675