Technical analysis by pollux3000 about Symbol XRP: Buy recommendation (11/20/2024)

Long term analysis - Monthly time frame XRPUSDT witnessed a completely stunning bullish explosion between March 2017 and January 2018. Since then XRP has been evolving in a multi-years triangle pattern coming to an end. The extremely flat and narrow Bollinger Bands hint at a potential explosive move. First part of this explosive move actually already happened during the last days and price is now encountering the triangle resistance line. This is a strong confirmation of market participant interests, let’s monitor the potential entry point on the lower time frame.Strategy - Short term analysisAll elements for a potential explosive move are gathered. It gives us a nice trade setup with a very good risk reward ratio.Buy on the break of the triangle resistance at 1.20$.Objective 1: back to the next resistance at 1.70$ (+40%)Objective 2: Following resistance at 3.25$ (+170%)Objective 3: ATH at 18$ (+1400%)Invalidation Mental Stop: below the last low of 1.05$ If prices retrace to this level we will wait for the daily close price then set a Stop loss ¼ or Risk below the weekly close price.Buy signal was given, let's monitor this trade closely 🚀