Looks like ripple took an unexpected turn and now my analysis has completely changed, If you are already long on XRPUSD then wait for a possible retracement back to 0.30-0.31 area before getting out and look for shorting opportunity because I think we are going down to break the low again before we see another rise!
Yeah it’s possible but the market rarely goes down in a straight line so there will be a correction anytime soon. Whether we pull all the way back to 0.3 remains to be seen but at least we are on the same page
yoggs
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Thank you for your analysis.
I think 0.17-0.18 is a strong support. Do you think XRP can break that support too?
Joseph_Yabwa
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@yoggs, I think we will test it but i won't surprised if we get a strong rebound from that support area. I will be looking to buy from 0.17-0.18
yoggs
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@Barka, I also believe that XRP has a strong support at that level since it did not break that support few times when sentiments were bearish on XRP. Many were predicting that time that XRP will retrace down to 0.11 or many other figures but it hold on to 0.17- 0.18 level very strong.
Spare1
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I don't think it was unexpected. Rsi and stochastic shows overbought for more than 1 week in 6H,12H,1D,3D,5D charts.
Joseph_Yabwa
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@Spare1 yes but the fact we broke a major support/resistance level at 0.3-0.32, the market could have easily traded sideways above that level but thanks to that sell off over the weekend there isn’t gonna be any recovery do XRP anytime soon
petitebud
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I wish we could invite all the analysts who are interested in the XRP in one group, then we can discuss the price movements away from moon boys and fools.
Joseph_Yabwa
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@petitebud haha that’s a good idea. If we didn’t get that huge sell off in over the weekend then the scenario would have been different. We broke a major support/resistance level at 0.3-0.32 last week and that could have a been a major sign that it was headed for the moon but now that the weekly candle will close below that level suggest a bearish outlook and we will likely be crashing down in the next few weeks
petitebud
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I don’t think it has a chance to bull back at 0.3, XRP will go down from here. please check out the weekly candle