🔥 Apologies I wasn't able to post yesterday, been sick with the flu since yesterday and still am so just keeping today's idea short before I head back to sleep.
🔥 On our 15 minute chart below we can see that we we're managing when we exited that descending channel as I'd pointed out in my last idea but XRP ended up failing to recover/regain the 200 day moving average and as a result we promptly tumbled back down, before essentially dropping once we fall back within that descending channel as the chart clearly shows, we then exited below the descending channel and that led to moer selling before recovering just above 0.60 basically.
🔥 This isn't too concering considering the market overall has been a bit time following the downgrade of the U.S credit rating from AAA to AA+ on behalf of Fitch rating which cited rising political dysfunction as a cause for the downgrades following the debt ceiling standoffs that commonly occur thanks to party disagreements, political agendas that commonly plague these standoffs.
🔥 Generally when a debt issue has a credit rating downgraded such means that a higher interest rate will be applied to compensate for the higher risk of default that could be posed. That hasn't helped the market and a lot of stocks tumbled just before Friday's close representing caution/ possible fear.
🔥 That's likely contributed to XRP's fall alongside the loss of the 200 EMA on the hourly/ 3 hour which usually leads to dramatic falls so that's not unprecedented, just the market doing it's thing. Still confident with XRP above 60 cents but if it fails to find support and form a higher high on the local just expect prices to drop to 40 or 50 cents possibly with some traders taking profit.
🔥 There is still buying going on though, I checked coinbase a few minutes ago and for the trading activity in the past 24 hours, it's consisted of 98.3% buying with 1.7% selling. A clear insight into the fact that people are still buying and believe in XRP with 0.60 even looking like a discount for some. Personally I'll buy a few more XRP here but if we fall below 0.60 I'll definitely be looking to buy some more.
🔥 The chart doesn't look that great I understand but after such a big move like XRP's basic rocket up it's simply to be expected a retracement like this. Personally I didn't hope for a retracement to this extent but such also brings out some possible buying opportunities as coinbase clearly indicates for most.
🔥 I expect 0.60 to be our final stand with XRP. If we fall below it anyone's guess to be honest but more than likely 0.45-55 depending on how or who we're to sell if we fell below. This idea has extended far enough and I just wanted to get a couple facts out there for you guys. Sorry I can't give more, just feeling unwell so gonna go back to sleep, thanks for tuning in and feel free to leave a like or follow and all the best as always.
~ Rock '
🔥 On our 15 minute chart below we can see that we we're managing when we exited that descending channel as I'd pointed out in my last idea but XRP ended up failing to recover/regain the 200 day moving average and as a result we promptly tumbled back down, before essentially dropping once we fall back within that descending channel as the chart clearly shows, we then exited below the descending channel and that led to moer selling before recovering just above 0.60 basically.
🔥 This isn't too concering considering the market overall has been a bit time following the downgrade of the U.S credit rating from AAA to AA+ on behalf of Fitch rating which cited rising political dysfunction as a cause for the downgrades following the debt ceiling standoffs that commonly occur thanks to party disagreements, political agendas that commonly plague these standoffs.
🔥 Generally when a debt issue has a credit rating downgraded such means that a higher interest rate will be applied to compensate for the higher risk of default that could be posed. That hasn't helped the market and a lot of stocks tumbled just before Friday's close representing caution/ possible fear.
🔥 That's likely contributed to XRP's fall alongside the loss of the 200 EMA on the hourly/ 3 hour which usually leads to dramatic falls so that's not unprecedented, just the market doing it's thing. Still confident with XRP above 60 cents but if it fails to find support and form a higher high on the local just expect prices to drop to 40 or 50 cents possibly with some traders taking profit.
🔥 There is still buying going on though, I checked coinbase a few minutes ago and for the trading activity in the past 24 hours, it's consisted of 98.3% buying with 1.7% selling. A clear insight into the fact that people are still buying and believe in XRP with 0.60 even looking like a discount for some. Personally I'll buy a few more XRP here but if we fall below 0.60 I'll definitely be looking to buy some more.
🔥 The chart doesn't look that great I understand but after such a big move like XRP's basic rocket up it's simply to be expected a retracement like this. Personally I didn't hope for a retracement to this extent but such also brings out some possible buying opportunities as coinbase clearly indicates for most.
🔥 I expect 0.60 to be our final stand with XRP. If we fall below it anyone's guess to be honest but more than likely 0.45-55 depending on how or who we're to sell if we fell below. This idea has extended far enough and I just wanted to get a couple facts out there for you guys. Sorry I can't give more, just feeling unwell so gonna go back to sleep, thanks for tuning in and feel free to leave a like or follow and all the best as always.
~ Rock '
