Btc price action has been signaling the potential for a strong move down. Taking this and applying onto xrp chart I see the same scenario happening as whenever btc falls the whole market gets taken down. Btc is turning bearish and xrp has been creating a head and shoulders pattern. As it seems, head and shoulders is basicly in every major turnaround within the crypto space, so I believe it to have much validity. Applying fibonacci to the chart the current 1.5500 resistance is at 61,8 fibonacci retracement level. At the end of last week and start of the current week, price was sitting on top the 61,8 level however with a strong momentum broke the level and retested the ascending channel that price has been trading in.
Overall 1.6000 level seems to have a strong selling pressure and I am confident in shorting xrp for the time being. Probability for selloff is higher than the potential for strong bullish movement.
Overall 1.6000 level seems to have a strong selling pressure and I am confident in shorting xrp for the time being. Probability for selloff is higher than the potential for strong bullish movement.