[XRPUSDT Futures trading] - Crypto Academy Trading Competition-S6W6] Team Trading Contest Post for [Fredquantum-Kouba01 Traders Team] - S6T4m
This task is about my trading for today being my second trade of the week. I will be trading the XRPUSDT pair on Binance after carrying out trading analysis on Tradingview platform.
XRP is the native token used for the Ripple ecosystem. Ripple is a certain cryptocurrency payment system that was made to rival the transfer of money that is usually conducted by the banking system. With the Ripple ecosystem, users can carry out money transfers at very small rates (cos).
This project was founded by Chris Larsen and Jed McCaleb in the year 2012 while the XRP ledger was created by Ryan Fugger. The XRP ledger operates as an open source decentralized system that powered by peer-to-peer network of different nodes.
In the beginning, Ripple was called OpenCoin and later it became rebranded to Ripple. This project has seen affiliation with banks , however, the ripple project is in a current situation from a law suit that came as a result of Ripple violating bank secrecy. Looking at things, if Ripple survive this hoax, it may see very fruitful days ahead.
This token is tradable on Binance, Hotcoin Global, CoinTiger, Bybit, OKX, Kraken, FTX, Gate.up, Bitstamp, Bitfinex, Huobi Global.
Looking at the news behind the law suit if the Ripple project it’s likely that this project see higher values just after the lawsuit is over. The results of the lawsuit are already being anticipated and to be earlier than late, users are already buying into this project.
Loooking at the 30 mins chart of XRPUSDT I saw a long position entry opportunity which is a turn around after a support area was hit and a rebound made.
I will be analyzing the XRPUSDT chart on Tradingview in order to wait for better entry levels for a long position open.
This analysis will be done with two technical indicators: TEMA and RSI. I will apply two TEMAs on the price chart and the RSI indicator to support and confirm results. When the shorter length TEMA crosses the longer length TEMA to the upper side we have a bullish entry opportunity and when it crosses to the lower side we have a bearish entry opportunity. This can be confirmed by the RSI. For a bullish opportunity the RSI has to trade into the oversold region and begins an ascend to the overbought region and the opposite is true for a bearish opportunity confirmation.
From the above screenshot we can see the entry opportunity made clear on the price chart after noticing that the entry for a long position had been confirmed from the 30 minutes timeframe.
The screenshot above shows the exit criteria of this trade. The stop loss (SL) is placed just below the support area and the take profit (TP) just below the resistance area.
We can see that at this point my trade is already at a 23% profit level.
This current trading activity is for a futures buy long position and will only last as long as the trade stays life or hits my exit points. But the Rippls token XRP is a good buy whenever a resolution is made on the lawsuit holding the project down.
I recommend others to take entry opportunities whenever they make proper technical analysis following the fundamentals behind the ripple project. Looking on the news and many information moving around Twitter about the ripple project one can already see the positive trend direction of the upcoming resolution from the lawsuit.
Futures trading is quite good but can be very risky. It’s better to take your time in doing proper analysis before carrying out any futures trading activity. After proper trading analysis on the ripple native token XRP, I had placed a long position and the love trade seems to be in a positive direction.