Looking at XRP on this four hour chart here does not make me feel to confident about the asset holding current price levels intact.
I am leaning towards XRP seeking support in the $.40-.50 region. As you can see when sold down to this region on December 3, 2021 it was bought back up strong before one four hour candle could finish.
Even thought it is a major crypto, it is not a favorite of the crypto currency gen. population. A fundamental breakdown in price seems obvious considering market conditions right now. Not only bears are calling BTC short of $30k...Bulls are licking their chops to scoop some up....
So if the sentiment for BTC, the crypto with the most fan-fare, is sub $30k and soon...then it is only logical to assume XRP will be a causality.
From a technical standpoint this is a very clear upward wedge short play. We've done them in the past (ie. AVAX, see links below), and there is no reason to shy away from a play just because it seems simple or obvious. Just KISS it.
*Keep It Simple Stupid* for the generation(s) younger than me (millennial) that are wondering what the heck KISS is.
Happy Trading,
CryptoSlayer
I am leaning towards XRP seeking support in the $.40-.50 region. As you can see when sold down to this region on December 3, 2021 it was bought back up strong before one four hour candle could finish.
Even thought it is a major crypto, it is not a favorite of the crypto currency gen. population. A fundamental breakdown in price seems obvious considering market conditions right now. Not only bears are calling BTC short of $30k...Bulls are licking their chops to scoop some up....
So if the sentiment for BTC, the crypto with the most fan-fare, is sub $30k and soon...then it is only logical to assume XRP will be a causality.
From a technical standpoint this is a very clear upward wedge short play. We've done them in the past (ie. AVAX, see links below), and there is no reason to shy away from a play just because it seems simple or obvious. Just KISS it.
*Keep It Simple Stupid* for the generation(s) younger than me (millennial) that are wondering what the heck KISS is.
Happy Trading,
CryptoSlayer
Comment:
I am keeping this short open, I do not believe this rally has legs, good news today about the biden administration passing crypto laws can only float the market temporarily and I still stand by my stance on xrp fundamental weakness and am sticking with my targets
Comment:
even though xrp popped out of the top parameter of the wedge, when adjusted the formation is still in place, XRP closing above $.85 negates my stance and I will consider closing then
