Hey Everyone,
So this is my first review of what I am seeing so far. (If you do not agree please let me know as I like to learn from all points of view)
With the recent drop it is now hovering under the long term daily trendline support (dotted blue line) which is a little concerning seeing that it has been used as a pretty solid support in the past. However, I do think that it will bounce off of the lower resistance range (lower purple rectangle ~$0.72 to $0.63) and make it's way back above that trend line. If it does not make back above that trendline and breaks below the lower resistance range (and closes) then it will most likely keep going lower and use the ~$0.51 to ~$0.54 support levels before bouncing back up or starting a new sideways accumulation trend before pushing back up. It all will depends what happens over the next few days and if BTC can hold support levels. If BTC decides to fall further, the $0.51 range is more likely to occur.
I still think that XRP has huge potential to move to the upside but for the time being I am just being a little cautious of everything. Even with the recent price drop it was nice to see that the volume remained relatively low which to me means that there was not a huge momentum shift and that it was more of pushing people out of the market and making room for accumulation for the "bigger players". (By looking at Whale Alerts on twitter, it looks like there was a bunch of high volume movements of USD to exchanges and movement of Assets to Wallets. This could signal a pause in this blood bath from today)
Let me know what you think or if you see anything else that I may of missed. Everything else that is on the chart should be more or less straight forward. If you have any questions just let me know.
Thanks for Reading :)
So this is my first review of what I am seeing so far. (If you do not agree please let me know as I like to learn from all points of view)
With the recent drop it is now hovering under the long term daily trendline support (dotted blue line) which is a little concerning seeing that it has been used as a pretty solid support in the past. However, I do think that it will bounce off of the lower resistance range (lower purple rectangle ~$0.72 to $0.63) and make it's way back above that trend line. If it does not make back above that trendline and breaks below the lower resistance range (and closes) then it will most likely keep going lower and use the ~$0.51 to ~$0.54 support levels before bouncing back up or starting a new sideways accumulation trend before pushing back up. It all will depends what happens over the next few days and if BTC can hold support levels. If BTC decides to fall further, the $0.51 range is more likely to occur.
I still think that XRP has huge potential to move to the upside but for the time being I am just being a little cautious of everything. Even with the recent price drop it was nice to see that the volume remained relatively low which to me means that there was not a huge momentum shift and that it was more of pushing people out of the market and making room for accumulation for the "bigger players". (By looking at Whale Alerts on twitter, it looks like there was a bunch of high volume movements of USD to exchanges and movement of Assets to Wallets. This could signal a pause in this blood bath from today)
Let me know what you think or if you see anything else that I may of missed. Everything else that is on the chart should be more or less straight forward. If you have any questions just let me know.
Thanks for Reading :)