Overall trend is South. BTC trading in a channel. I suspect a bounce from the lower trend line to the upper trend line then sell off to the mid 6k region. Do your research.
Looks like the BTC crutch has weakened. XRP fell through 0.36. I hope XRP can close back above 0.36. Otherwise XRP could be supported at 0.31.
XRP is long term play. Crypto wrinkles getting ironed out sooner or later!
So, Tether is propping BTC.
But keep in mind that utility, fundamentals and partnerships are creating a foundation for XRP.
Right now it looks like we are going to trade sideways (in range); I suspect XRP will consolidate and trend higher back to 0.50. Should be good support at 0.36 if we continue to slide down. However, if the crutches propping up BTC fail and...
On my last post I talked about hitting 0.50 (check) and then most likely running into a sell off/profit taking (check). For any sell pressure my last support level for sell of was 0.37 (check). Now what?
Well...BTC looking to retrace and unfortunately we are along for the ride. I'm hoping it's done at 9k.
For XRP support: 0.37 is moderate support, below that...
Visually looks that way but by definition i'm not convinced. With the recent news involving MoneyGram I suspect it can absorb some sell pressure. I believe 0.42 continues to be strong support. I hope to see continuing uptrend to 0.50.
Currently, appears overbought and If there is pull back, next support at 0.39 and below that 0.37.
Analysis: recently stuck in downtrend channel
Prediction: suspect breakout imminent
I anticipate climb to 0.48-0.50 (profit taking)
Pull back to 0.42 anticipated and will be weak support.
This level (0.40) I believe will provide strong support.
Thoughts?
