Hi guys, I've seen a lot of ideas on the trading pair about going long at this level which may end up being good directions but XRP/USD to me doesn't look good. As you can see we are currently resting on the 0.786 fib for the entire December run up and just a little above the 200 MA. This region is also on the support line made by the wave 1's ATH
so theoretically there should be A LOT of support in this region but looking at the volume
that doesnt look to be the case. Any attempt by the bulls to defend this fib is heavily rejected as you can see in the circle.
only at 9k at the time of writing we can expect more downside pressure, once we hit that 7-8k target we can expect a fight on the 200MA which is worrying. In the event that BTC
drops further down which is possible then we are in uncharted waters
. Below 0.786 fib, below 200 MA with the potential for a 100% reversal of Ripple's December gains. I present this idea not to spread FUD but just to anyone who might try to catch this falling knife to be extremely careful.
*This is not financial advice*