XRP Moving to Conservative Ascending Parallel Channel

When I reflected on my previous idea I think I drew the channel a bit too steeply. I now connected the low to the most recent $0.215 drop and found this more conservative ascending parallel channel.

This channel gives us a bit more time to monetize an upwards move as the volatility has reduced a little bit over the last few days.

When trading an oscillating price between the support and resistance trendlines of an ascending channel, you would want to enter a long position near the bottom of the channel for maximum risk reward.

Since the trend is bullish in such a channel, we can enter the trade with a bullish bias, making it more favorable to long the supports than to short the resistances.

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- Trading Guru

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!