🔥 Hey hope everyone is doing well, gonna keep this idea pretty short and keep things moving.
🔥 I've introduced a descending channel using these parallel black lines to point our the channel that's been one fact in this reversal pointing out the resistance and support the channel represents depending on whether we are above or below it.
🔥 Currently we sit at $1.40 with XRP stuck trading between $1.35-$1.40 after failing to maintain that support above $1.40. Especially after our EMA's failed to converge on the 4th leading to this mountain fall causing a domino effect as a combination of stop loss orders and liquidations hit XRP and the market dragging things as far as almost $1.00 before whales ate up the gap.
🔥 For our technical analysis some indicators are showing signs of oversold conditions but for our short term things are still bearish until we can get those EMA's to converge again and regain that 200 EMA as well as exit and avoid our descending channel.
🔥 Immediate support has us holding things between $1.30-$1.35 but if that breaks then we could possibly see a deeper drop toward that $1.25 zone or even $1.00 though it really is a hit or miss right now.
🔥 Market sentiment has things sort of mixed right now with most of the market in this sort of "risk-off" phase which is basically just investors prioritizing capital preservation over returns so moving that money from riskier assets to those with lower volatility and better strength like bonds, gold, US dollars. This has caused Bitcoin to lag and XRP to consolidate though we may potentially be bottoming out here before XRP can climb back up.
🔥 Best bullish case is a rebound if XRP can hold that $1.35 support level else we risk losing more ground to selling pressure with a potential drop to even $0.85 if we fall and lose support above $1.00 though I find it hard to see that happening.
🔥 Whatever the case, even if it does come down I'll consider it an opportunity, fact is we're not focused on the tomorrow or the next week. We're focused on the future and the real utility. And before we know it XRP and much of the market will be moving swiftly and positively, we just need things to warm up a bit.
🔥 Thanks for tuning in as always, really appreciate you guys and wishing the best as always. Cheers till next!
Best regards,
~ Rock '
🔥 I've introduced a descending channel using these parallel black lines to point our the channel that's been one fact in this reversal pointing out the resistance and support the channel represents depending on whether we are above or below it.
🔥 Currently we sit at $1.40 with XRP stuck trading between $1.35-$1.40 after failing to maintain that support above $1.40. Especially after our EMA's failed to converge on the 4th leading to this mountain fall causing a domino effect as a combination of stop loss orders and liquidations hit XRP and the market dragging things as far as almost $1.00 before whales ate up the gap.
🔥 For our technical analysis some indicators are showing signs of oversold conditions but for our short term things are still bearish until we can get those EMA's to converge again and regain that 200 EMA as well as exit and avoid our descending channel.
🔥 Immediate support has us holding things between $1.30-$1.35 but if that breaks then we could possibly see a deeper drop toward that $1.25 zone or even $1.00 though it really is a hit or miss right now.
🔥 Market sentiment has things sort of mixed right now with most of the market in this sort of "risk-off" phase which is basically just investors prioritizing capital preservation over returns so moving that money from riskier assets to those with lower volatility and better strength like bonds, gold, US dollars. This has caused Bitcoin to lag and XRP to consolidate though we may potentially be bottoming out here before XRP can climb back up.
🔥 Best bullish case is a rebound if XRP can hold that $1.35 support level else we risk losing more ground to selling pressure with a potential drop to even $0.85 if we fall and lose support above $1.00 though I find it hard to see that happening.
🔥 Whatever the case, even if it does come down I'll consider it an opportunity, fact is we're not focused on the tomorrow or the next week. We're focused on the future and the real utility. And before we know it XRP and much of the market will be moving swiftly and positively, we just need things to warm up a bit.
🔥 Thanks for tuning in as always, really appreciate you guys and wishing the best as always. Cheers till next!
Best regards,
~ Rock '
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.