⚡️ Hey hey, hope things are well with everyone as always, appreciate the company and I'll be sure to keep this short and focus on what we're looking at as well as looking out for.
⚡️ Price Action: We already know XRP has been in this downward correction since failing to hold a couple support points ultimately dragging us down to retesting things above $1.00 with a dip even hitting which knocked us down to $0.85 before bulls took the opportunity and bought in to that quickly filling the price gap.
⚡️ Current Levels: As I write this we're testing $1.45 and $1.48 for a comeback following this long correction which has largely been influenced by our descending channel with a new ascending channel having formed. I've marked the channel in blue for reference.
⚡️Market Context: Despite the decline and drop the last few weeks, this follows the $38 rally XRP had from our February 6th lows. Counting that in with yesterday's decline XRP still represents relative strength as it's outperformed Ethereum through this market pullback.
⚡️ Key Levels: Immediate support is holding near $1.42 - $1.45, while resistance is already established around $1.53 - $1.60. A drop below $1.35 could risk a deeper pullback for us. It would mean losing the ascending channel and risking an entry into that descending channel so really hoping we can avoid that understandably and I'll be keeping note with my price alerts.
⚡️ Technical Outlook: Some indicators are showing oversold conditions and a potential for a rebound but our daily charts show a bearish momentum following a breakdown below key moving averages. That momentum is shifting though as we see our 20, 50 EMA's have converged and we've also regained our 200 EMA as highlighted with the circle. After that price soared from $1.4 to $1.7 before retracing down to where we sit at now.
⚡️ To Watch For: Main thing I'll be watching out for is that $1.45 support mark. We need to hold above this at the very least to keep the momentum up going and it would help even more if we could start moving within this ascending channel as that'll help guide the market some more. One other key indicator is gonna be that 200 EMA as we fight to keep it and avoid losing it again. 20 and 50 day moving averages should help give insight as well but keep in mind these are lagging indicators so don't bank too much on them though they provide solid insight for checking on strength and confirming trends, momentum.
⚡️ Fundamentals: Investor interest still remains high due to strong ETF inflows (over $1.37B cumulative), though overall market "extreme fear" is currently driving selling, XRP has been no exception to the market drawdown so helps to keep that in mind.
⚡️ As always, thanks for joining me a bit today for my quick market and XRP take of the day, appreciate it sm and wishing all the best till next. Give everyday your best, and don't give up.
Best regards,
~ Rock '
⚡️ Price Action: We already know XRP has been in this downward correction since failing to hold a couple support points ultimately dragging us down to retesting things above $1.00 with a dip even hitting which knocked us down to $0.85 before bulls took the opportunity and bought in to that quickly filling the price gap.
⚡️ Current Levels: As I write this we're testing $1.45 and $1.48 for a comeback following this long correction which has largely been influenced by our descending channel with a new ascending channel having formed. I've marked the channel in blue for reference.
⚡️Market Context: Despite the decline and drop the last few weeks, this follows the $38 rally XRP had from our February 6th lows. Counting that in with yesterday's decline XRP still represents relative strength as it's outperformed Ethereum through this market pullback.
⚡️ Key Levels: Immediate support is holding near $1.42 - $1.45, while resistance is already established around $1.53 - $1.60. A drop below $1.35 could risk a deeper pullback for us. It would mean losing the ascending channel and risking an entry into that descending channel so really hoping we can avoid that understandably and I'll be keeping note with my price alerts.
⚡️ Technical Outlook: Some indicators are showing oversold conditions and a potential for a rebound but our daily charts show a bearish momentum following a breakdown below key moving averages. That momentum is shifting though as we see our 20, 50 EMA's have converged and we've also regained our 200 EMA as highlighted with the circle. After that price soared from $1.4 to $1.7 before retracing down to where we sit at now.
⚡️ To Watch For: Main thing I'll be watching out for is that $1.45 support mark. We need to hold above this at the very least to keep the momentum up going and it would help even more if we could start moving within this ascending channel as that'll help guide the market some more. One other key indicator is gonna be that 200 EMA as we fight to keep it and avoid losing it again. 20 and 50 day moving averages should help give insight as well but keep in mind these are lagging indicators so don't bank too much on them though they provide solid insight for checking on strength and confirming trends, momentum.
⚡️ Fundamentals: Investor interest still remains high due to strong ETF inflows (over $1.37B cumulative), though overall market "extreme fear" is currently driving selling, XRP has been no exception to the market drawdown so helps to keep that in mind.
⚡️ As always, thanks for joining me a bit today for my quick market and XRP take of the day, appreciate it sm and wishing all the best till next. Give everyday your best, and don't give up.
Best regards,
~ Rock '
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.