Price has returned to the 2.50 S/R level and is now facing the Cloud which normally will add support here. On top of that there is a channel floor to add support. All these three different supports should normally easily support price. If not, it is likely that a medium term top has been formed (3.31) and a deeper move down is expected. Ultimately, trend will turn bearish first after a break below the Cloud, thus an entering inside the Cloud turn trend neutral on this timeframe, and neither buyers nor sellers are in charge.
If price finds support here, it is an excellent level to go long. If price breaks lower it is wise to wait for a candle close and, if conservative, a confirmation close after that. Note that almost 100 Bln $ has left the Crypto market in one day, and if this outflow continues (which could just be profittaking from recent rallies) it will put pressure even on the recilient Ripple. But this outflow is currently looking like a normal market breathing and should not be a cause of alarm.
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Price failed by the confluence support and crashed through the Cloud on a panic selling which was over the whole crypto board. It pierced the Weekly S1 and bounced back, like a rubber band to the breakout level or slightly below right now, trading inside the Cloud, and trend has turned neutral on this timeframe. Price needs to close above the Cloud to relieve downside pressure at this point, since buyers are likely reluctant to long from here before dust settles. A close above would look more tempting for Bulls.
@amineelganteuri1, It is your call. I would wait for the next candle close to see if support might hold. A close above 2.5425 will be above the Cloud. Below it then trend turns neutral,
and buying is not favoured. Then wait for a Cloud breakout.
xastunts
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very interesting TA makes me reconsider my positions on XRP. i hope you will continue to update this one as time goes along cheers!
CapMoore
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@xastunts, Yes, I will check the closes and update if necessary.
I find it difficult to believe it will dip below 1.9 given the buy accumulation around 1.8 and 2.1, then again market is always right.
Thank you for your contribution.