Hey! Before I start just wanted to say please leave a like and comment or follow even if you feel I deserve it so, I give these my best and always do the best to keep you guys up to date and posted, thank you. XRP yesterday started to trade sideways nearly perfectly just above our already sideways channel which was great as that had us building a support above 0.39 regardless which is what we wanted. However this early morning we hit our already marked resistance point @ 0.40 and some whales/MM have decided to drop as inflation numbers for May weren't great at all. And thanks to that we've 'left the mountain' with our EMA's starting to flip now thanks to the selling pressure and well you can see the kind of drop we're experiencing now thanks to that.
⚡We need to see support kick in somehow or kick us above 0.38 otherwise we could get pulled back into that descending channel by which then point it'll be all hell. And speaking of hell if we simply look over at our heat map all we can see is a sea of red as even some of the biggest names from Microsoft to Apple are pulling in 3% losses as Wall street finally gets news of that May inflation report which well, was rough. In may alone the Consumer Price Index jumped 1 percent in May compared to 0.3 in April. That's 3x what we had and signals to the market that inflation remains red hot and is still a pertinent issue.
⚡Energy prices soared 34.6% in comparison to May 2021 with food prices jumping 10% over the same period. In over 40 years that's the first increase of 10 percent or more we've ever experienced. Definitely not a good sign. Thanks to all this that's why we've seen XRP drop the way it has alongside the market in general which is taking a nosedive today into our pool of red. We can see just how massive those sell orders are coming in now with millions being sold following the negative inflation report Wall street have been waiting on.
⚡If we see XRP break below that dotted red line above our descending channel then chances will likely be that we get pulled back into that channel or some good support kicks in which we would simply absolutely love to see. But anyway I noted this stuff in my previous Idea how that 0.40 resistance point could prove harsh for us and have us seeing another mountain's fall. I didn't expect the inflation report to be so bad today but it happens anyway. So right now we're gonna sit back and let the market do it's thing since for what we can be certain of right now is that we're gonna have a volatile day. If your holding XRP this isn't a sell moment or anything, just one of those market sway days thanks to the report so we'll be back in later or tomorrow to update you guys again.
Thank you and once again if you'd like then leave a like or follow which is always appreciated, thank you!
~ Rock
⚡We need to see support kick in somehow or kick us above 0.38 otherwise we could get pulled back into that descending channel by which then point it'll be all hell. And speaking of hell if we simply look over at our heat map all we can see is a sea of red as even some of the biggest names from Microsoft to Apple are pulling in 3% losses as Wall street finally gets news of that May inflation report which well, was rough. In may alone the Consumer Price Index jumped 1 percent in May compared to 0.3 in April. That's 3x what we had and signals to the market that inflation remains red hot and is still a pertinent issue.
⚡Energy prices soared 34.6% in comparison to May 2021 with food prices jumping 10% over the same period. In over 40 years that's the first increase of 10 percent or more we've ever experienced. Definitely not a good sign. Thanks to all this that's why we've seen XRP drop the way it has alongside the market in general which is taking a nosedive today into our pool of red. We can see just how massive those sell orders are coming in now with millions being sold following the negative inflation report Wall street have been waiting on.
⚡If we see XRP break below that dotted red line above our descending channel then chances will likely be that we get pulled back into that channel or some good support kicks in which we would simply absolutely love to see. But anyway I noted this stuff in my previous Idea how that 0.40 resistance point could prove harsh for us and have us seeing another mountain's fall. I didn't expect the inflation report to be so bad today but it happens anyway. So right now we're gonna sit back and let the market do it's thing since for what we can be certain of right now is that we're gonna have a volatile day. If your holding XRP this isn't a sell moment or anything, just one of those market sway days thanks to the report so we'll be back in later or tomorrow to update you guys again.
Thank you and once again if you'd like then leave a like or follow which is always appreciated, thank you!
~ Rock
