In a wild route, XRP fell more than 27% yesterday (down approximately 40% from the recent top). On its way down, it broke below significant support levels and fulfilled our prophecies about the unsustainable rally. The price made a new low at 0.33604$ before reversing above 0.40$ and back to the 0.36$ handle. We remain bearish and maintain our short-term (0.30$) and medium-term (0.28$) price targets.
Illustration 1.01 The illustration above displays the daily chart of XRPUSD and its decline from the recent top to the most recent low.
Technical analysis - daily time frame RSI, Stochastic, MACD, DM+, and DM- are all bearish. Overall, the daily time frame is bearish.
Illustration 1.02 Illustration 1.02 shows the daily chart of XRPUSD, and yellow arrows indicate the latest technical developments.
Technical analysis - weekly time frame RSI, MACD, and Stochastic turned bearish. DM+ and DM- turned bearish as well. Overall, the weekly time frame is bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Investors are now expecting or hoping the inflation data to come in positively. With crypto chaos likely fading we see more risk-on again. So even when the Treasury yields to slide again and equities to be able to keep recent gains, I think the risks of further liquidity squeezes of crypto companies remain very possible.
You're welcome, thank you for keeping updated and not forgetting about the reality. I believe all of your readers have escaped from the recent mega dump.