Ripple followed suit as the whole crypto market was sold off. It has taken out the important 1.50-60 support level and before that the trendline. It has found some support below by the Weekly S1 and it almost reached the 1.13 support below that. The MACD indicator shows some bullish divergence right now but it is still early as no bottom has been carved out yet. If price can hold on to the current level, a bullish MACD cross could create some retracement of the move down. Upward resistance is the 1.55 pivot point cluster and above that the trendline and the Cloud. A close below the Weekly S1 at 1.33 will put the 1.13 S/R level in focus. Overall, the pair is in a bear trend on this timeframe but the ascending SMA200, normally will add support in these types of market situations, with sharp, ongoing sell offs after an extended bull wave.
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Hi, good analysis!!
Do you see an early market recovery for BTC and XRP after this massive sale? I see that the volumes of operation have started to grow but the prices are still bearish.Tks
CapMoore
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@gusccbb, Not really right now, but some divergence is visible also on the hourly XRP. BTC has problems to find support by 11200 level, being pounded now. A new selling wave may come during the Asia session.
Do you see an early market recovery for BTC and XRP after this massive sale? I see that the volumes of operation have started to grow but the prices are still bearish.Tks