XRP has hit an almost 2 year low recently, as it’s crashed with the rest of the crypto’s in BTCs journey to the 9,000’s. It seems we’ve got a reprieve though, with indications of institutional reinforcement coming in to correct the price. I believe it likely with increasing interest in crypto for source liquidity (specifically XRP), many institutions may want large positions on xrp, and are taking it by forcing retail traders out of their early positions. This goes especially for anyone who invested in xrp after the impulse that it brought it towards the 30-50 cent ranges earlier this year. Something I find interesting: we’ve fallen back to retest the range before the impulse that lead to the XRP historic high despite interest in cryptocurrency being at all time highs with the bullish market earlier this year...
On the technical side I’ve used this harmonic along with indication a from the RSI that buyer strength is growing from the smaller time frames up (2HR-D) along with bars showing institutional interest after the completion of the harmonic.
While I have enough confirmation to enter this trade with confidence, I am acutely aware of the possibly price retests lower to source more liquidity before the big impulse. This recent drop should have given them enough to stop out some heavy retail selling positions entering the trend late.
On the technical side I’ve used this harmonic along with indication a from the RSI that buyer strength is growing from the smaller time frames up (2HR-D) along with bars showing institutional interest after the completion of the harmonic.
While I have enough confirmation to enter this trade with confidence, I am acutely aware of the possibly price retests lower to source more liquidity before the big impulse. This recent drop should have given them enough to stop out some heavy retail selling positions entering the trend late.