Hey followers and Trading view family! Hope you guys are doing well today, we're still looking at XRP's chart and digging into things today as we see how the market's doing relatively stable following the week's events managing to stay above the low we were dealt Thursday having formed a new low on the daily. This is in addition to yesterday's Idea on XRP which is much more detailed so please be sure to check that out and give it a read if you want a detailed note.
Technical
XRP was absolutely dumped over the past week falling 27% as the market's bloodshed hit nearly pushing the major crypto below $0.33 before seeing it rebound and get hit with massive buy in's which pushed it up to $0.45 following the Ema crossover of the 20 day over the 50 which is a positive signal for traders usually although it is important to note that was mostly thanks to whales buying in heavy which caused that crossing. 0.40-0.43 seems to be that current hover point the crypto has been bouncing between on average following the crypto's dump on behalf of whales and large sell volume which can be seen on the chart. You can see just how dramatic and large the selling volume for XRP was during it's initial dive on May 11 with that massive red bar signaling insane selling pressure, a likely coordinated sell-off, before being followed by a massive buy in at the crypto's low. I'm sayin', these whales are selling coordinated and then buying up at the new low they created and are likely to sit on now.
Support
$0.46 has proven to be the new resistance point with us needing to see a break above that/sustained buying pressure in order to see a possible break out or at least some sort of positive movement back up. $0.39 is that new high low we've formed on the hourly and is an important point to have marked. If we fall below 0.39 again or get dumped it could definitely signal some rough seas ahead for a bit but then again that's based on whales and if they are happy with their current new average price. Before it wasn't as bad dealing with Whales but when we're at these low market caps now 1 million can have a significantly stronger impact than it did before. So a lot of the moves we are seeing now are thanks to whales and the possibility of another fall shouldn't be out of the picture if they decide they aren't happy with their current cost and want to send us below that $0.39 cent mark again.
Elliot Wave
We've charted out Elliot wave and it seems like this is the shift point but then again it's not too clear as the bounce from 0.39 only made it to 0.42 which really isn't a significant or solid move to make an analysis off of but it's something at least thanks to that EMA crossover. You can see though how XRP seems to be within that highlighted trend I noted and that's a good point to keep track of stuff. We move above that and stuff is bullish, below it's bearish to put it simple.
ASCENDING CHANNEL
Yesterday I noted we we're possibly looking at a Falling Wedge (Reversal) pattern on the hourly though on the 45 minute we've formed an Ascending Channel with is bullish of course. So watch that channel to see how things could play out. I've already noted the intersection point between the descending pattern XRP has been in since the start of it's fall from 0.91 back in March and the new ascending pattern. If we break out below that ascending pattern or our 0.39 point it's simply back to bear but the market seems like it'll be looking for anything this week to gain back it's footing and get back up.
Regardless
Regardless of all trading and technical aside, XRP hasn't seen these numbers since February 2021 and what followed was an insane runup to $1.82. Personally, this is a win either way, especially if your in to hold long this is a good point to enter long, definitely not a FOMO point considering how volatile this week's been but long term we simply know XRP is going to return back to that dollar mark and beyond so consider that. It's a 100% + move by simply entering and holding the crypto. I'm not even talking Futures positions, just straight up buying and holding.
Thank you guys for tuning in again as always and please be sure to leave a like and follow! Always give 123% with each and every single Idea I post and these aren't exactly quick to write up so anything is appreciated! And leave some feedback or comments as well! I know I'm not perfect so I always love hearing others opinions and expanding/engaging on that however I can so thank you and have an absolutely wonderful day!
~ Rock
Technical
XRP was absolutely dumped over the past week falling 27% as the market's bloodshed hit nearly pushing the major crypto below $0.33 before seeing it rebound and get hit with massive buy in's which pushed it up to $0.45 following the Ema crossover of the 20 day over the 50 which is a positive signal for traders usually although it is important to note that was mostly thanks to whales buying in heavy which caused that crossing. 0.40-0.43 seems to be that current hover point the crypto has been bouncing between on average following the crypto's dump on behalf of whales and large sell volume which can be seen on the chart. You can see just how dramatic and large the selling volume for XRP was during it's initial dive on May 11 with that massive red bar signaling insane selling pressure, a likely coordinated sell-off, before being followed by a massive buy in at the crypto's low. I'm sayin', these whales are selling coordinated and then buying up at the new low they created and are likely to sit on now.
Support
$0.46 has proven to be the new resistance point with us needing to see a break above that/sustained buying pressure in order to see a possible break out or at least some sort of positive movement back up. $0.39 is that new high low we've formed on the hourly and is an important point to have marked. If we fall below 0.39 again or get dumped it could definitely signal some rough seas ahead for a bit but then again that's based on whales and if they are happy with their current new average price. Before it wasn't as bad dealing with Whales but when we're at these low market caps now 1 million can have a significantly stronger impact than it did before. So a lot of the moves we are seeing now are thanks to whales and the possibility of another fall shouldn't be out of the picture if they decide they aren't happy with their current cost and want to send us below that $0.39 cent mark again.
Elliot Wave
We've charted out Elliot wave and it seems like this is the shift point but then again it's not too clear as the bounce from 0.39 only made it to 0.42 which really isn't a significant or solid move to make an analysis off of but it's something at least thanks to that EMA crossover. You can see though how XRP seems to be within that highlighted trend I noted and that's a good point to keep track of stuff. We move above that and stuff is bullish, below it's bearish to put it simple.
ASCENDING CHANNEL
Yesterday I noted we we're possibly looking at a Falling Wedge (Reversal) pattern on the hourly though on the 45 minute we've formed an Ascending Channel with is bullish of course. So watch that channel to see how things could play out. I've already noted the intersection point between the descending pattern XRP has been in since the start of it's fall from 0.91 back in March and the new ascending pattern. If we break out below that ascending pattern or our 0.39 point it's simply back to bear but the market seems like it'll be looking for anything this week to gain back it's footing and get back up.
Regardless
Regardless of all trading and technical aside, XRP hasn't seen these numbers since February 2021 and what followed was an insane runup to $1.82. Personally, this is a win either way, especially if your in to hold long this is a good point to enter long, definitely not a FOMO point considering how volatile this week's been but long term we simply know XRP is going to return back to that dollar mark and beyond so consider that. It's a 100% + move by simply entering and holding the crypto. I'm not even talking Futures positions, just straight up buying and holding.
Thank you guys for tuning in again as always and please be sure to leave a like and follow! Always give 123% with each and every single Idea I post and these aren't exactly quick to write up so anything is appreciated! And leave some feedback or comments as well! I know I'm not perfect so I always love hearing others opinions and expanding/engaging on that however I can so thank you and have an absolutely wonderful day!
~ Rock
