AlanSantana

XRP Weekly | Bad News But Important Read

Short
AlanSantana Updated   
CRYPTO:XRPUSD   XRP
I decided to look at the bigger picture thinking that XRP might not perform as strong a correction as Bitcoin, Solana, Ethereum and the rest since it already corrected for six months... I was wrong.

The first thing is a major up-trendline on the chart based on candle close.
This trendline has been supporting XRPUSD since 2020 and a break below it would spell doom and this is what is most likely to happen.

Of course, I am going to give the chart signals as well with my perspective/interpretation.

The worst part for us bulls is the rejection as XRPUSD tried to stay above EMA10, EMA21 and EMA50 on a weekly basis.
Just last week all these three levels converged and XRP moved above but this week we have a rejection.
A rejection in this type of situation is a failed signal and a failed signal is twice as strong than a normal signal.

👉 We are looking at a 35% drop but it can get worse.

Prepare accordingly.
Do the best you can to protect your capital.

Almost everything will be going down.
Only the ALTSBTC (some of them) are safe.

Namaste.
Comment:
XRPUSD has been seen growing when Bitcoin goes into correction.

While the week is not over, XRPUSD is trading weekly above EMA50 which is strongly bullish.

This type of signal would certainly invalidate this analysis as the bias is changing.
The trendline is holding and there is price growth.

The bulls have the upper hand.
Weekly session close needed for confirmation.
Trade closed manually:
Here the trendline can be seen holding and XRPUSD moving above EMA100, EMA50, MA200, EMA10 and the rest weekly, which is a super strong bullish signal.


I should do an update with this chart but considering the bullish potential.
We have to wait for the weekly close for confirmation but the bearish bias so far has been fully invalidated.

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