The triple bottom reversal pattern consists of three nearly identical lows and suggests a chance to go long. Prior to its formation, bears typically dominate the market, leading to a sustained downtrend.
The initial bottom doesn't signify any significant shift, but the subsequent two bottoms signal a reversal as buyers (bulls) potentially drive prices upward following a breakthrough of resistance levels.
Most people in crypto don't have a take profit strategy, only later after experiencing the bear market slam -90% start to think about what a take profit strategy should be.
This is my very simple take profit strategy.
For example, if you buy an alt coin, say ABC coin, buy 20 coins, then this ABC coin suddenly rises +50%.
Most people usually hold-hold-hold, when asked when to take profit, they are stunned and don't know the strategy.
In the hold-hold-hold tar the turn was slammed - 90% of the bear market just sold, this is what I feel in the 2022 bear market, floating profit is just an illusion before taking profit.
That's why now I use a very simple method.
Suppose you have 20 ABC coins.
When he has risen +50%, sell 1 coin first so he has 19 coins left, so if he continues to rise there will still be 19 coins left.
If he goes up again to +75% sell another 1 or 2 coins so you have 17 coins left.
This is repeated over and over as it goes up, it is sold little by little.
The problem is that we can't be 100% correct and always guess the direction of the market.
Unless from the start you were determined to hold this coin forever, for example if you want to hold#Bitcoinforever, whether it goes up or down is up to you.
Like I'm determined to keep holding#BNBand want BNB to go up and down, I don't care about the graph.
But for other coins whose initial purpose is for trading, i.e. if they have gone up, you want to sell them, then the best way is to use the method above.
Every time it goes up to plus a certain percentage it sells a little, it goes up again it sells a little, it goes up again it sells a little.
Then you also have to know the final ending, what do you want to do with profit?
For example, profits are collected to buy more Bitcoin.
Or like me, profits are collected to increase USDT capital so that when there is a bear market, Ethereum installment trading capital will increase.
Ripple Faces Significant Correction: Is It Time to Buy or Sell XRP?
Cryptocurrency market saw a big drop over the weekend, with Bitcoin hitting $60,979 low.
Ripple (XRP) also faced a 22% loss, its biggest drop since August 2023.
Despite the bearish trend, XRP maintained support above a key level, drawing attention from traders amid market volatility.
The cryptocurrency market has experienced a significant correction over the past weekend, with the industry witnessing high liquidation during this period.
Bitcoin, the market leader, recorded a low of $60,979, highlighting the massive bearish influence currently dominating the crypto space. Ripple (XRP) token was not immune to this downturn, recording a loss of 22% over the past seven days, marking its biggest weekly drop since August 2023.
Despite the bearish pressure, XRP bulls managed to hold the price above a crucial support level, indicating strong resistance at that point. This resilience has caught the attention of market participants, who are closely monitoring XRP’s price action amidst the ongoing market volatility.
Ripple Holds Above Crucial Support
Ripple started 2024 on a bearish note, recording a correction of 21.10% during the first month. However, after hitting a low of $0.4856, the bulls regained momentum and propelled the price by approximately 50% by March 12th, before facing rejection at the resistance level of $0.7225.
Following this rejection, the bulls lost momentum, and XRP broke down its support level, leading to a period of consolidation between $0.5675 and $0.6710 for about a month. As market volatility intensified, the bulls lost further ground, resulting in a massive drop in XRP’s price.
The recent slaughter in the cryptocurrency industry is thought to have been caused by a number of factors. However, it is believed that the recent market unlocking of millions of XRP tokens is the main cause of the decline in Ripple’s price.
Will XRP Price Ever Go Up?
If the market gains momentum, bulls in XRP should challenge the barrier level of $0.52 this week. If the price stays there, it will provide the conditions for Ripple’s XRP to try attempting its upper resistance level of $0.57 later this week.
However, if the bears continue to dominate the market during the Bitcoin Halving, the XRP token may experience further downside pressure. In this scenario, XRP could break down its crucial support level at $0.4790 and prepare to test the lower support level of $0.42.
Analyst Who Called Recent Crash Says XRP Is Set For 3000% Rally. Here’s why
On April 1st, 2024, Egrag Crypto, a well-known crypto analyst, posted a tweet about the closing of the XRP Q1 candle. In the tweet, he stated that the “Gate to Valhalla” was above $0.75 and the “Door of ValHell” was below $0.44. He also encouraged the XRP army to “stay steady” and to secure profits if needed. On April 14th, 2024, Egrag Crypto provided an update to his analysis. In the update, he acknowledged that his prediction of the range that XRP might trade within was accurate, as XRP reached the lower target of $0.44. Egrag Crypto then stated that the next action could send XRP 1000% or 3000% up. He acknowledged the difficulty for many to understand the market in turbulent times but included a chart to suggest a potential price target between $10 and $22. Egrag Crypto concluded the tweet by encouraging the XRP army to “stay steady” as the next move is “up” and will be “aggressive.”
It should be noted that the future price of XRP, and any other cryptocurrency, is difficult to predict due to high volatility. Investors should always conduct their own research before making any investment decisions.
The chart included in Egrag Crypto’s tweet appears to be a price chart of XRP over time. The chart shows that XRP has been on a downward trend since early 2024. However, the chart also shows some periods of upward movement. Egrag Crypto’s prediction is based on the idea that XRP will experience a similar price move to what it experienced in the past. This is a common technical analysis technique, but it is not guaranteed to be accurate. Another Analyst’s View Egrag Crypto isn’t the only analyst with a bullish outlook for XRP. Mikybull Crypto a well-respected crypto analyst has also pinpointed a significant bullish wave in late 2017 that ultimately led XRP to its all-time high of $3.84 in January 2018. He highlighted a preliminary phase within the wave, which indicated a pre-bullish trend. This trend later intensified into a powerful bullish movement, though the momentum eventually slowed and transitioned into a consolidation period. Only time will tell if the various predictions for XRP will come true. Investors should carefully consider their risk tolerance before investing in any cryptocurrency. ⚠️Disclaimer This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
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XRP Heading To $100-$500? Analyst Provides Speculated Timeframes
Following an extended period of stasis, the price of XRP has suddenly begun to rise, fueling several bullish predictions regarding the altcoin’s direction from several cryptocurrency analysts.
Bullish Timelines For XRP
The most current positive forecasts came from cryptocurrency expert and XRP enthusiast BarriC, who has established multiple timelines for the digital asset to rise to unprecedented heights in the long term. Taking to the X (formerly Twiter) platform, BarriC voiced his opinions, noting that as time goes on, crypto investors might have fewer chances to purchase cheap XRP. According to the analyst, inexpensive XRP today is defined as less than $0.80.
Furthermore, the expert underscored his prediction that XRP would trade between $1 and $3. BarriC specifically contended that by the time this bull market ends, a cheap XRP would be between the aforementioned price levels.
Moving on, BarriC has regarded the crypto asset as undervalued between the $10 and $15 threshold in the next 4 to 5 years, particularly around the subsequent Bitcoin halving event and bull cycle between 2028 and 2029.
If, toward the conclusion of the next bull run, XRP is cheap, trading between $10 and $15, then the analyst is expecting it to reach much higher prices at the peak of the bull cycle.
BarriC envisions a significant surge from the anticipated $10 to a triple-digit landmark. Following the succeeding halving and bull cycle, which is expected to occur by 2032 and 2033, the analyst expects the token to also be undervalued at $100 and $500.
Concluding his forecast, he affirms that market participants will always have access to affordable prices. However, it is up to those interested in the altcoin to decide how much funds they are willing to invest.
$1,000 Is Possible In The Long Run
It is worth noting that the analyst previously projected a $1,000 price mark for XRP. According to BarriC, XRP’s path over the coming several months and years promises to be exciting. He believes XRP’s price will rise as the cryptocurrency market expands and changes, and as a result, it will be poised for massive growth and more widespread adoption.
Given his expectations for greater mass adoption and growth of the coin in the upcoming months and years, he foresees a peak of $1,000 in the long term. Other prices set aside by the expert to watch out for include $1, $5, $10, $50, $100, and $500.
Whether in the short term or long term, BarriC is confident the token will change people’s lives.
XRP trading at $0.6009 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
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