Right at this moment the price of XRP is trading at exactly the price level it reached at point B on the chart, which is the high after 3 months of pumping in 2017. It is a very serious support/resistance level that is currently support, but crypto in general is looking rather weak at this moment with Bitcoin finishing a 4th week below 200ma weekly confidence level.
I will be looking for a break below this support and a move that few expect, back to a market cap below 1B. The fibonacci 0.382 defended last time as seen on chart, but usually supports break on the second knock, and below the 0.382 we are looking at huge drop potentials.
I am playing an ETF so for me the short will compound in case this happens.
Worth mention it might still defend this support in which case I might even flip bullish, but I dont see it. The way the red is curved shows a lot of strength to go lower.
I will be looking for a break below this support and a move that few expect, back to a market cap below 1B. The fibonacci 0.382 defended last time as seen on chart, but usually supports break on the second knock, and below the 0.382 we are looking at huge drop potentials.
I am playing an ETF so for me the short will compound in case this happens.
Worth mention it might still defend this support in which case I might even flip bullish, but I dont see it. The way the red is curved shows a lot of strength to go lower.