XRP - Showing a juicy chart for traders
Hey everyone,
Welcome back for another analysis.
Today, we will be analyzing XRP because it's showing a very good pattern for traders (both bears and bulls).
We currently see a descending triangle as shown above. This indicates a bearish chart pattern as it first connects a series of lower highs trend line and a second horizontal trend line that connects a series of lows. Overall, there's downward pressure. But here's my take on it:
1. Technically, the more likely scenario is that the 0.382 Fibonacci level doesn't hold. Shorts will happen alongside long liquidations. If that happens, oh boy the price will fall into the abyss which is not good for XRP.
2. The other scenario is that because the bulls are trying to keep 1.07$, there's strong support there. Do note that we're also in altcoin season, so XRP has a high chance to outperform Bitcoin. Therefore, higher chance for XRP to go up in both BTC and USD valuation. Of course, this is just my technical analysis but fundamentally, we should remember that XRP as a project is amazing with the fact that transactions are very affordable in comparison with what you can find in the market (ETH gas fees...)
What's your take for the incoming days? Be sure to share your opinion on the comment section below.
Yours truly,
Aloo2k
Welcome back for another analysis.
Today, we will be analyzing XRP because it's showing a very good pattern for traders (both bears and bulls).
We currently see a descending triangle as shown above. This indicates a bearish chart pattern as it first connects a series of lower highs trend line and a second horizontal trend line that connects a series of lows. Overall, there's downward pressure. But here's my take on it:
1. Technically, the more likely scenario is that the 0.382 Fibonacci level doesn't hold. Shorts will happen alongside long liquidations. If that happens, oh boy the price will fall into the abyss which is not good for XRP.
2. The other scenario is that because the bulls are trying to keep 1.07$, there's strong support there. Do note that we're also in altcoin season, so XRP has a high chance to outperform Bitcoin. Therefore, higher chance for XRP to go up in both BTC and USD valuation. Of course, this is just my technical analysis but fundamentally, we should remember that XRP as a project is amazing with the fact that transactions are very affordable in comparison with what you can find in the market (ETH gas fees...)
What's your take for the incoming days? Be sure to share your opinion on the comment section below.
Yours truly,
Aloo2k
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