XRP briefly appeared to be poised to break out of its long standing downward channel; however, the two most recent surges have been immediately challenged with significant and rather swift selloffs.
The purple lines represent the clear downward channel on the daily chart that XRP has not been able to break through to the upside with any real strength or consistency. Until that happens, one has to view XRP as heading lower over-all on the daily perspective. The top side of this downward channel appears to provide real resistance commanding respect. I have a lower target price of .2325, and if this level were not to hold, XRP could revisit the .2150 level or much lower.
Longer term, I am very bullish on XRP, but clearly, the technicals on this promising crypto currency are far from appealing at the moment. I view these lower prices as great opportunity to either short directly, or simply buy more long at cheaper prices.
XRP will eventually break up through this downward channel (purple) heading higher, and when it does on a daily chart basis, the outlook will be drastically different with tremendous potential for upside.
#XRP #NoLimit
The purple lines represent the clear downward channel on the daily chart that XRP has not been able to break through to the upside with any real strength or consistency. Until that happens, one has to view XRP as heading lower over-all on the daily perspective. The top side of this downward channel appears to provide real resistance commanding respect. I have a lower target price of .2325, and if this level were not to hold, XRP could revisit the .2150 level or much lower.
Longer term, I am very bullish on XRP, but clearly, the technicals on this promising crypto currency are far from appealing at the moment. I view these lower prices as great opportunity to either short directly, or simply buy more long at cheaper prices.
XRP will eventually break up through this downward channel (purple) heading higher, and when it does on a daily chart basis, the outlook will be drastically different with tremendous potential for upside.
#XRP #NoLimit
Trade active:
Upper portion of this downward channel being currently challenged. I should have marked this post as a "neutral" outlook to be more accurate. I am not actively shorting; more just not long, and waiting for a cheaper entry point to go long.