XRPUSD / 1W / Long Idea

7 jun 2023

Here we are looking at XRP in a multiple month consolidation (white) while providing the basis for our lower support trendline. If we can break out of this consolidation (white) on the weekly chart, we could start a nice run up to the top resistance of this triangle, or perhaps breakout of this entirely given the current fundamentals regarding the SEC potentially shifting focus towards crypto exchanges and moving away from XRP. Could this be a sign the lawsuit is ending soon, and favorably for XRP? Noone can say for sure except Gary Gensler but either way we have an actionable long entry here with a favorable risk to reward ratio and plenty of protection for a reasonable stop loss.