Ripple (XRPBTC) had a bullish break recently when it managed to stay above MA200 (black line) and cut through EMA50 in late July and early August, but all this momentum has been lost now that prices are trading back below these levels.
The bearish signals are many and the bearish bias is strong. We have everything trending lower.
The trading volume is low though as this correction takes place signaling that this is just a programmed correction.
XRPBTC might be aiming at the next support to see if buyers show up.
After May's peak price, XRPBTC found support just below the 0.618 Fib. retracement level, a pattern we see repeating over and over across all pairs.
We can use this same level as our bearish target before prices go back up.
IMPORTANT: Ripple (XRPBTC) is still trading way higher compared to early January 2021 when a low was hit at 0.00000619 satoshis, we are moving within a higher low.
For a long-term holder/investor/trader, this type of price action shouldn't be worrisome or relevant, it can be considered a long-term consolidation before prices resume their growth.
Here I am mapping/describing just one of many possible scenarios. The charts/markets can change fast... Plan before you buy. Prepare for all scenarios and follow through with your strategy to achieve maximum results.
Ripple has always been tricky but when it starts to go bullish it goes really wild and strong.
Thank you for reading. Thanks for your continued support.
I have never paid enough attention to AltsVsBTC but that stops now. Do you have any price prediction for XRP, for both a positive/negative outcome of the SEC case? I can't get my head around a price of $27 that's being rumored...