Will XRP bounce back above its long term trendline like it did in late 2017? We'll find out soon enough. Otherwise, XRP can head all the way down to the 2700 area (blue rising support). If the current downtrends are broken (pink lines), I think it would be a safer long entry. The Ultimate Oscillator and the RSI are both bouncing off support as well currently.
In terms of the USD price, it's probably not safe to go "all in" long until that downtrend is broken. It currently lies just above 34 cents:
This is not financial advice! Let's see what happens.
-Victor Cobra
In terms of the USD price, it's probably not safe to go "all in" long until that downtrend is broken. It currently lies just above 34 cents:
This is not financial advice! Let's see what happens.
-Victor Cobra
Comment:
Even though XRP has had a substantial bounce since yesterday, it's still being stopped by the first descending resistance on my chart. A break above there could send it straight up towards 6600 (next resistance zone). All the downward pressure makes this thing really want to pop if it's let loose. Additionally, XRP has now invalidated the descending triangle idea on its USD chart. The next resistance there is around 50 cents.
