The markets are trading in the red and XRPUSDT is currently trading right on top of the 0,50c support zone. Unfortunately no buyers are showing up on lower timeframes and the technical indicator flashes a clear SELL in the weekly, meaning more downside is to be expected.
More downside seems highly likely with 45c being the next immediate support zone. It seems that the SEC victory-increase was short lived and that definitely does raise some concern for the fundamental arguments of XRP.
Unlike ETH and BTC, XRP has been unable to regain highs and consistently trades lower as if there is an endless supply of sellers. While there is persistent and obvious growth on other early giants like Bitcoin and Ethereum, XRP remains the "pump and dump" coin.
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I'll consider accumulating for a swing trade under 45c
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Latest IMPORTANT UPDATE on XRP 👇:
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Short-term update on XRP: If BTC keeps stair-stepping up, we can expect the same for XRP. I'd like to see a bounce on the 50d moving averages (green trendline) Still not buying. I've bought too much in the past and ended up with a chunk of dead xrp 😂 I'll be looking for sell zones close to $1 and potentially $1.30 if we're lucky enough.
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Short term XRP playing out well so far, here's the latest update on short term price action for XRPUSDT:
triangle pattern evolving!