For those of us who trade XRP, it has been an exciting couple of weeks to say the least. 18th September saw XRP take a huge upside move which was very good to see in a market that's seen nothing but downside for so long. Like any large up move of this scale, there is going to be a correction, and with corrections sometimes they take longer than others. When XRP broke to the upside, it made a move breaking the 20,50 and 200 major moving average support. This indicated to me that these could now become possible retracement support levels for XRP's downmove to bounce off of and go higher. Today however, price broke the 20 moving average as support, and looks incredibly weak still as it heads lower towards the 50 moving average which is just below it at 0.490000 which is likely a minor psychological handle. If price fails to hit the 50 moving average and use it as a support then it's very likely price could simply go further, using the horizontal support zone between 0.42000 and 0.36400 before a bounce. If we hit here, we've basically corrected to the extent of the entire up move and this would be a real shame as it looked as though XRP was going to bring hope to the crypto world that enthusiastic capital does exist in the marketplace, ready to invest into new fundamentals.
As well as the moving averages being broken, the new XRP move did also create a new side-wards support level, which ended up working really well for a time until we recently broke it. Danger of this kind of move is now that we're below it, even if price rallies nicely, it will struggle to break the side-wards support turned resistance line again for 2 reasons. 1) because it's a resistance (duh) and 2) because the line is steep in nature, and would take a SIGNIFICANT amount of bulls to have a crack at breaking that resistance. Not, realistic, at all.
Where do YOU think price is headed? Leave a comment with a chart and let's all share our ideas!
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As well as the moving averages being broken, the new XRP move did also create a new side-wards support level, which ended up working really well for a time until we recently broke it. Danger of this kind of move is now that we're below it, even if price rallies nicely, it will struggle to break the side-wards support turned resistance line again for 2 reasons. 1) because it's a resistance (duh) and 2) because the line is steep in nature, and would take a SIGNIFICANT amount of bulls to have a crack at breaking that resistance. Not, realistic, at all.
Where do YOU think price is headed? Leave a comment with a chart and let's all share our ideas!
Please leave a LIKE. It's the motivation for me to post free content for all you guys.
Thank you for your support.
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