Hi Traders and Investors
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year.
We had ourselves a mini mid-term rally with altcoin XRP increasing from .29 to .39 in a few days. However, from the technical indicators Phoenix Ascending, we can see that the short term buying pressure is running out as we face a formidable resistance zone at $40c. XRP, like other altcoins will have to await clear market direction from Bitcoin and the market as a whole. Our local support zone is $29c and it's not impossible for the price to wick back if the market turns bearish again.
There are also other factors to consider globally pointing towards economic strain across the market, meaning it might not be time to call bullish just yet. With inflation at all time highs, the ongoing war in Ukraine and the price of commodity oil and gas sky-rocketing, talks of recession is whispered in conversation amongst entrepreneurs and businessmen like Elon Musk who has been cutting down staff at Tesla in apparent anticipation of a recession. A monkeypox outbreak is also looming around each corner, and we can't help but wonder if we are heading towards another March 2020. You have to ask yourself, do all of these things seems bullish or bearish from a macro perspective? Unfortunately, it rarely happens that a major altcoin by market cap will rally when the rest of the market is trading lower.
Meanwhile in other cryptocurrency news , the world has been shocked by the LUNA crash and even the SEC government officials are now investigating this liquidity drain. Hacktivist group Anonymous has vowed to bring Do Kown's crimes to light, founder of Terra and Luna .
What is your trading idea / analysis on XRP ?
_________________
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CryptoCheck
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year.
We had ourselves a mini mid-term rally with altcoin XRP increasing from .29 to .39 in a few days. However, from the technical indicators Phoenix Ascending, we can see that the short term buying pressure is running out as we face a formidable resistance zone at $40c. XRP, like other altcoins will have to await clear market direction from Bitcoin and the market as a whole. Our local support zone is $29c and it's not impossible for the price to wick back if the market turns bearish again.
There are also other factors to consider globally pointing towards economic strain across the market, meaning it might not be time to call bullish just yet. With inflation at all time highs, the ongoing war in Ukraine and the price of commodity oil and gas sky-rocketing, talks of recession is whispered in conversation amongst entrepreneurs and businessmen like Elon Musk who has been cutting down staff at Tesla in apparent anticipation of a recession. A monkeypox outbreak is also looming around each corner, and we can't help but wonder if we are heading towards another March 2020. You have to ask yourself, do all of these things seems bullish or bearish from a macro perspective? Unfortunately, it rarely happens that a major altcoin by market cap will rally when the rest of the market is trading lower.
Meanwhile in other cryptocurrency news , the world has been shocked by the LUNA crash and even the SEC government officials are now investigating this liquidity drain. Hacktivist group Anonymous has vowed to bring Do Kown's crimes to light, founder of Terra and Luna .
What is your trading idea / analysis on XRP ?
_________________
👀 Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎
👍Hit like & Follow 🔔
We thank you for your support !
CryptoCheck
