XRP ANALYSIS:
XRP broke out of the falling wedge with a massive 15% rise, only to be rejected at the 50 MA. The rejection retrace ALL the way BACK into the wedge. This is not a good sign. If XRP is not able to jump back out and bounce off the 2675 temporary support, then I expect a further fall down to the low end support at 2400 sats. This would be a major double bottom and big buying point for the XRP community. I wouldn’t push an entry at the moment, until we see another break out of the wedge, or until bottom hanging support at 2400 is hit! 50 is below 100 and 200 MA and following a bearish pattern. For those holding an XRP existing position, remain in & keep your patience. Long term 3000+ sats will come, this is only short term bearish play.
Possible Entries: 2400-2450 sats
XRP broke out of the falling wedge with a massive 15% rise, only to be rejected at the 50 MA. The rejection retrace ALL the way BACK into the wedge. This is not a good sign. If XRP is not able to jump back out and bounce off the 2675 temporary support, then I expect a further fall down to the low end support at 2400 sats. This would be a major double bottom and big buying point for the XRP community. I wouldn’t push an entry at the moment, until we see another break out of the wedge, or until bottom hanging support at 2400 is hit! 50 is below 100 and 200 MA and following a bearish pattern. For those holding an XRP existing position, remain in & keep your patience. Long term 3000+ sats will come, this is only short term bearish play.
Possible Entries: 2400-2450 sats