In the last weekend of January we witnessed a community led buying effort that planned to take XRP to all time new highs but on Monday, XRP crashed 40% from the day’s high rendering the effort unsuccessful.
Technically, we see a correction developing that it is preparing the next down move. Although it can go higher to $0, 50-$0, 60 per XRP in the correction, we think that ultimately the price will fall to the $0,10 – $0,15 area before the next big move up. In addition, important areas to follow are the support area and liquidity pool annotated on the chart.
Fundamentally, we have bullish news from Japan. SBI VC Trade, a cryptocurrency exchange announced that they are adding XRP to their lending services, making another step toward the broad implementation of XRP into the financial system.
Trade with care.
Best regards, Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.