XRP broke down from the ascending wedge and now we fell under $0.50 level. We are trying to push back higher now, but this is still to be seen if successful.
The wick I highlighted is a 20% drop & recovery which is not bad. But what concerns me are the indicators and particularly MACD.
MACD is expanding and is dropping on the negative side. This is not good. We're picking up speed, just that in the wrong direction... down. If we don't stop this momentum soon, it won't end well for XRP and that wick that you see now, well, we may revisit a price under $0.40.
Bias remains bearish as long as we don't reclaim $0.50 level soon.
Be careful on XRP right now.
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The wick I highlighted is a 20% drop & recovery which is not bad. But what concerns me are the indicators and particularly MACD.
MACD is expanding and is dropping on the negative side. This is not good. We're picking up speed, just that in the wrong direction... down. If we don't stop this momentum soon, it won't end well for XRP and that wick that you see now, well, we may revisit a price under $0.40.
Bias remains bearish as long as we don't reclaim $0.50 level soon.
Be careful on XRP right now.
Like and follow if you liked this idea! Also join my crypto community to stay in touch and watch my TA video on ETH and BTC from today!
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