Technical analysis by joerivdpol about Symbol XRP: Buy recommendation (5/16/2023)

XRP/USDT: Profitable Swing Trade Potential The current price level of XRP/USDT has caught my attention, and I believe it presents a conservative entry point for a swing trade that could be profitable. Let's analyze the daily chart, where the RSI indicates oversold conditions and the MACD indicator is on the verge of a bullish crossover. But that's not all! Another significant development has unfolded: XRP has established a strong support level near the 0.618 Fibonacci Retracement. This measurement encompasses the price movement from March 13, where it reached a low of $0.34, to the high of $0.59 on March 29. Despite my reservations and aversion towards XRP, I must acknowledge that the compelling factors cannot be ignored. The enticing buying signal that is emerging has the potential to result in a profitable and conservative swing trade.