Good afternoon team,
Tough couple of weeks in the market. Will do my best to get some wins on the board!
We are still holding a bag of XRP (non leveraged) from a number of months ago and have been waiting for the right opportunity to go long with a leveraged trade.
The recent pull back across all risk assets is possibly setting up buying opportunities. Firstly, I understand from a fundamental perspective the outlook looks pretty bleak. However, the conflict at the moment is restricted to Ukraine. The US and other NATO nations will not be intervening from a military perspective, only through sanctions. Whilst it is negative for Ukraine, it is possibly bullish for the rest of the market. JPY has weakened and gold has declined substantially indicating a decrease demand for the safe haven assets over night.
XRP from an Elliott wave perspective looks really attractive for a long position.
XRP Daily Chart
The steep decline on XRP did not cross the bullish invalidation level of 0.5061, therefore the bullish count is still valid. There has been a 5 wave bullish rally to the upside, ending in September 2021 with a long 3 wave correction. The recent rally in Feb 2022 is possibly the start of a new bull market.
XRP 1 Hour Chart
Trade setup: BUY STOP, entry price 0.7260, stop loss 0.6234 and take profit left open to run.
I will be taking this trade on a crypto exchange leverage platform, however Focus Markets also allows crypto trading.