The daily chart looks really bad, not hopeless but it looks really bad. Why do i say this, it's very simple. If we have such a big support zone, like we have around the 0.3/0.28, then after such a liftoff we had a few months ago, it's very bad to see it come back down again to the same level. Now it's not hopeless of course, because we can see a similar thing happened a year ago. We can also see that the 0.28x level is a very tough support to break.
If you remember around May, where we broke that big support, but eventually didn't dump and that i showed the bear trap option. We could of course see the same thing again if 0.28 breaks. But it's not something you can bet on upfront. Need to see the support break and then see the breakout slow down and hold it's ground above 0.26ish and see bulls push back.
The worst scenario i see is, a high volume break of 0.28ish and dump straight trough the 0.25/26 zone. If that happens, think the mid-term will become very bearish for XRP.
Short term, there is an option to go up. Looks like we might have a triangle on the right. The thing is, even if we break up, we could make like a right shoulder (red line on the left). At the moment it looks like we have a range, which is around 0.30 and 0.325. Think for the bullish short term version, we need to stay above the 0.31 and make a higher low there. A break of 0.35/36, could mean the very bearish outlook i have shown, might be off the table.
The XRP/BTC pair, looks a bit better, we can what looks like a clear support line, so easy to say that one should not break anymore
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Previous analysis:
If you remember around May, where we broke that big support, but eventually didn't dump and that i showed the bear trap option. We could of course see the same thing again if 0.28 breaks. But it's not something you can bet on upfront. Need to see the support break and then see the breakout slow down and hold it's ground above 0.26ish and see bulls push back.
The worst scenario i see is, a high volume break of 0.28ish and dump straight trough the 0.25/26 zone. If that happens, think the mid-term will become very bearish for XRP.
Short term, there is an option to go up. Looks like we might have a triangle on the right. The thing is, even if we break up, we could make like a right shoulder (red line on the left). At the moment it looks like we have a range, which is around 0.30 and 0.325. Think for the bullish short term version, we need to stay above the 0.31 and make a higher low there. A break of 0.35/36, could mean the very bearish outlook i have shown, might be off the table.
The XRP/BTC pair, looks a bit better, we can what looks like a clear support line, so easy to say that one should not break anymore
Don't forget to like if you appreciate this :)
Previous analysis:
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