horrible dump in 1st February in xrp after great comeback ..but this dump didnt surprise me People forget rule number 1 in crypto : Buy the rumors sell the news Thats exactly what happened massive dump after news and also that's not the first one for XRP 😏
I advice newbies in this field never enter any pump event the chance for lose is very high
In previous analysis i expected 2 scenario for xrp : Looks like we in scenario 2 now and price returned to channel again
Now look at chart.. green area + middle line of channel are previous resistances turned support now if price lost this support it will dump to strong lower trendline of the channel (white) (here is best area for buy in current situation) and stoploss will be daily candel closure below if it reached here
I am new in this field and sorry this will sound stupid but should we keep xrp or sell it here this support ?
matrixmisfit
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@Gkdnz Short answer: keep. Long answer: support just means a price range where the asset (XRP) gains "support" by not dropping down below that price range. Resistance is the opposite to support in that it is an upward price range that an asset can hit but is hard to break through that range. TradingView has an educational section, and Investopedia is a useful resource to learn some of the terminology and concepts.