Hey! Here we are back at it again with XRP! Here we are seeing how XRP has fallen below that horizontal sideways trading channel that it's been trading within and which I've had highlighted/noted. Before I start I just wanted to say that if you'd like a lot more of a detailed idea and explanation of how XRP is trading, you can feel free to read the linked related Idea which should provide all of that and get a real understanding of this trading activity essentially.
Again this Idea won't be long for the sake of racking your brains, especially with a detailed explanation being in the linked related Ideas again if you want a beyond tech. view. But without further delay we've seen how XRP was basically simply stuck trading within this sideways channel that just kept getting hit by the market whenever it tried to exit upwards or form some sort of bullish momentum.
Again this Idea won't be long for the sake of racking your brains, especially with a detailed explanation being in the linked related Ideas again if you want a beyond tech. view. But without further delay we've seen how XRP was basically simply stuck trading within this sideways channel that just kept getting hit by the market whenever it tried to exit upwards or form some sort of bullish momentum.
- You can see our 3 points where we formed lower high's and how it took three for us to finally get to that point of moving below the sideways channel which we've basically had noted since XRP's initial fall. On top of that we saw our EMA's 'leave the mountain' multiple times which again for those that know me, is a heavy bearish signal that forms more on the short term patterns but forms whenever your EMA basically leaves the chart pattern rather suddenly and it looks like a skier after jumping off a mountain. What happens after they jump off that mountain? They have to parachute down before they can go back up again, thus why I call it that.
On the chart I've encircled some of those points where we left the moutain and our EMA's flipped to give you a visual idea of what I mean.
- Anyways as with my previous Idea's I noted that it seemed like whales we're simply dumping on us whenever we got close to that exit threshold or point of leaving the horizontal channel upwards preventing us from forming and positive ground basically. I also noted that if we moved below the channel we would see a pretty good drop which we are currently experiencing and so far has brought us down to 0.3866 benchmark. Looking to see some form of support or pullback up to that channel again otherwise like I said the drop could continue and even possible push to the low 30's. But one final thing to look at right now is just the volume, sure it's just numbers but wow. If you understand volume then you understand just how wild it is and how large some of these XRP purchases in. Whales are definitely filling up their pockets.
- Keep posted for more updates to come for sure but for right now XRP is bearish and we are seeing the crypto sector fall today a bit in general as BTC once again hit that 28k mark today and is also forming lower highs. It makes sense considering the general sentiment of the market but keep posted and just keep in mind it's the market that's dealing with this, not solely XRP. Thank you and please feel free to leave a follow or like!
~ Rock
