Here we are analyzing XRP/USD on the 4H chart.
Unfortunately after the announces of new partnerships in India, Brazil, Canada, China and Singapore. The XRP/USD continue to go down.
If price fails at the above support zone $0.78 , then price may fall and then test a lower support horizontal support zone at $0.74. But, judging by the momentum now, I expect this scenario to be likely.
This trade could play out in 2 ways, I have outlined these below:
-Price bounces at the current horizontal support at $0.78, and then uses it as a launch pad to hit the upside target of $1.03. With this scenario the move probably will not be straight up.
-Price tests the current horizontal support level at 0.78 and then rolls over, breaking the support zone to the lower support zone at 0.74. If it breaks the support at 0.74 it show a longer term weakness, it will create a volatile market.
the last 24-hour trading volume is currently about $695,501,009 with a circulating supply of 39,009,215,838 XRP with a market capitalisation $36,585,769,183 .
Unfortunately after the announces of new partnerships in India, Brazil, Canada, China and Singapore. The XRP/USD continue to go down.
If price fails at the above support zone $0.78 , then price may fall and then test a lower support horizontal support zone at $0.74. But, judging by the momentum now, I expect this scenario to be likely.
This trade could play out in 2 ways, I have outlined these below:
-Price bounces at the current horizontal support at $0.78, and then uses it as a launch pad to hit the upside target of $1.03. With this scenario the move probably will not be straight up.
-Price tests the current horizontal support level at 0.78 and then rolls over, breaking the support zone to the lower support zone at 0.74. If it breaks the support at 0.74 it show a longer term weakness, it will create a volatile market.
the last 24-hour trading volume is currently about $695,501,009 with a circulating supply of 39,009,215,838 XRP with a market capitalisation $36,585,769,183 .