💥XRP has basically got this descending channel that's been throwing us up and down and all about basically though the entry and exit of our 200 EMA which has brought us to a pretty decisive point that could have us seeing a breakout or a fall further down. That would then have us facing 0.338 again by which then we may not be too lucky unless sentiment can kick back in or whales choose to buy.
💥The market's still shaken by the FTX meltdown though from what we know of what's left of their holdings it's mostly USDT and FTT which was the majority holding so that offers at least a bit of light that the market doesn't have to fret too much about FTT having to sell more assets to make up for withdrawals and other things. That's unless USDT was to somehow get affected but with a market cap close to $65 Billion that's highly unlikely.
💥Should XRP break up, above the channel and regain that 200 EMA it can very well start a breakout which would be wonderful to see, and if it fails to break the channel and falls further away from that 200 EMA we may very well see things drag on, at least until that 200 EMA catches up down there if XRP were to fall now or soon.
💥Leaving it at that since this is just a short term observation, those EMA's and charts will be your best friend right now if you're trying to understand the market possibly see what can be ahead. If you'd like to leave a like or follow it'd be much appreciated as always, thank you.
~ Rock '
💥The market's still shaken by the FTX meltdown though from what we know of what's left of their holdings it's mostly USDT and FTT which was the majority holding so that offers at least a bit of light that the market doesn't have to fret too much about FTT having to sell more assets to make up for withdrawals and other things. That's unless USDT was to somehow get affected but with a market cap close to $65 Billion that's highly unlikely.
💥Should XRP break up, above the channel and regain that 200 EMA it can very well start a breakout which would be wonderful to see, and if it fails to break the channel and falls further away from that 200 EMA we may very well see things drag on, at least until that 200 EMA catches up down there if XRP were to fall now or soon.
💥Leaving it at that since this is just a short term observation, those EMA's and charts will be your best friend right now if you're trying to understand the market possibly see what can be ahead. If you'd like to leave a like or follow it'd be much appreciated as always, thank you.
~ Rock '
