Over the next few weeks it is expected that we will see a continued movement on XRPUSD
The intraday trend is a slow and steady downwards move indicating the possibility we will see price trading at/below 50 cents within the next Weekly
Why do I believe this?
Beyond the psychological elements of 50 cents being a major quarter level there really isn't too much structure we can identify through backtesting at this area
There is a clear range of interest between 40 cents and 25 cents so this area will act as the that may "support" the market from slipping too low
The sentiment of the cryptocurrency industry at this moment is overall given all of the investors who have been taking profit and other news related to this specific asset shows us that $29m worth of ripple tokens (approx 54m tokens as of the time of this publication) were given away to DonorsChoose; an organization that will be liquidating the position over the next 2 weeks to purchase school supplies across the United States
Macro trend is on the D/W/M
New Monthly candle to form April 1 Easter Holiday
Weekly Candle has lots of momentum signaling lower prices
New Blue Moon also will be influencing humanity this weekend (second in the month of march) and this will be the last time until 2020 we experience this!
As always trading involves risk and anything you choose to do is solely up to you...
Expect lots of supply (sell limits) to exist around 60/65 cents... when we separate the market into "ranges" where we can expect Price Action to give us confirmation of the anticipated movement to see price CONTINUE to MOVE DOWN