Hello everyone, let's discuss and strategize with me today!
Exiting the bearish channel has fueled an impressive price increase for this coin. At the time of writing, the price is trading below the 0.6400 resistance level which is very bullish as it consolidates at high levels with steady trading activity on the 1-hour chart.
On the 1H chart, XRPUSDT while still supported by the breakout from the falling channel, there are signs of a potential top forming at 0.6550. The current support level is around 0.5967. If this level is crossed, it could cause XRPUSDT to fall further, potentially reaching 0.5786 before any catalyst pushes the price back towards the general market trend.
I expect a recovery after the market correction. And you, what do you expect?
There doesn’t seem to be as much energy behind XRP compared to other coins now. IMO It’s a sleeping giant. It hasn’t experienced a sustained run like literally every other coin in the top 20 market cap coins (well, except for Matic, which is another one that when it breaks to the upside is going to break hard).
Until the SEC case is over, and until after Bitcoins next big correction (>30-40%), I wouldn’t expect much except for a lot of boinking around the charts to sweep liquidity. IMO, late 2024 / early 2025 is when XRP wakes up. And when it does, it’ll be a great run. So until then, I’m steering clear of day/swing trading this coin. #HODL.
Until the SEC case is over, and until after Bitcoins next big correction (>30-40%), I wouldn’t expect much except for a lot of boinking around the charts to sweep liquidity. IMO, late 2024 / early 2025 is when XRP wakes up. And when it does, it’ll be a great run. So until then, I’m steering clear of day/swing trading this coin. #HODL.