LoDoCrypto

A Ripple in the Channel

BINANCE:XRPUSD   XRP / U.S. Dollar
BINANCE:XRPUSD - 1D

I've been pretty shocked XRP has had the rebound its seen. The fact that the SEC can take Ripple to court speaks volumes to its true essence, nonetheless it has always been a black sheep yet maintained a top 5 position for years.

XRP is currently in a downtrend since Nov 24, which is marked by the yellow channel lines. The dashed purple line was a long time resistance on hourly charts, that flipped to strong support. The coming battle at $.25 is going to be make or break. If $.25 fails as support and turns into resistance again, XRP could drop below a dime by mid-February. Given that XRP was just restricted from trading on Kraken, prospects aren't looking great.

Conversely, if $.25 holds as support, then it'll setup a battle with the trading channel somewhere above $.30. If that fails, another retest of $.25 would presumably follow.

These are just my thoughts on the chart as I interpret it, none of this is investment advice and trading cryptocurrency is high risk.

Comment: Ripple is still tiptoeing in chop above $.25. Waiting for it to tumble down if Bitcoin loses 30k as support
Comment: Ripple went through a massive PnD and surprise surprise, the previous channel line has served as strong support the past few days. Bounces off the yellow present good short term long opportunities, but with the way this thing moves be careful

Comments