- XRP continues to test a new support zone in the $0.60 value area.
- Bottom likely in for XRP, relief rally, or trend change incoming.
- The Point and Figure chart shows a bullish entry opportunity.
XRP price develops a bottom with a possible long entry setup that could generate a substantial spike of over 59%.
XRP price ready to return to $1, short squeeze on XRP incoming
XRP price has a hypothetical long entry opportunity on its $0.01/3-box reversal Point and Figure chart. The trade setup is a buy stop order at $0.64, a stop loss at $0.59, and a profit target at $1.00. The trade represents a 7.2:1 reward/risk with an implied profit target of 58% from the entry.
XRP/USD $0.01/3-box Reversal Point and Figure Chart
Bulls and bears should be conscious of how volatile cryptocurrency markets will be today. It is the first ‘Fed Day’ of 2022. Commentary from the US Federal Reserve Chairman Jerome Powell will likely generate significant whipsawing in cryptocurrencies.
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