Hello guys,
XRP is following our plan for the moment, so I'm not revising my view on the coin yet. At least until I see the $0.18 line broken down.
The XRP/USD pair is indeed looking bearish since it was first rejected at the 50-day EMA in the $0.20-$0.215 zone on April 9. The coin experienced no significant changes and remained relatively flat during the weekend trading. Although it was 5.6 up on a weekly basis, the overall feeling was for bears being in total control of the situation.
Also, let's not forget we are still in the middle of a very nasty downtrend channel a discussed a few times already, so in the mid to long-term it is of critical importance for bulls to also re-take the zone above $0.23-$0.25
The Monday session gave more fuel to the negative perspective of the XRP token as it to lose ground. It made have lost just a 2.5 percent of its value but during the day it was trading as low as $0.18 testing the middle of the support zone we drew there.
As of the time of writing XRP is forming its second straight red candle on the daily chart, trading around $0.185.
What we will be looking for here (best case scenario) is a re-test of $0.18 and a rebound from there towards $0.20 then an upward movement as per the chart. For now, the support zone is providing the required stability, but the overall trading activity seems pretty low.
Trading volumes peaked at $2.2 billion on Monday afternoon after bottoming at $1.6 on Sunday, April 12. In the early hours of trading on Tuesday, they are once again moving lower, which corresponds to the lack of activity on the chart.
In brief, not a trade I would take at the moment.
XRP is following our plan for the moment, so I'm not revising my view on the coin yet. At least until I see the $0.18 line broken down.
The XRP/USD pair is indeed looking bearish since it was first rejected at the 50-day EMA in the $0.20-$0.215 zone on April 9. The coin experienced no significant changes and remained relatively flat during the weekend trading. Although it was 5.6 up on a weekly basis, the overall feeling was for bears being in total control of the situation.
Also, let's not forget we are still in the middle of a very nasty downtrend channel a discussed a few times already, so in the mid to long-term it is of critical importance for bulls to also re-take the zone above $0.23-$0.25
The Monday session gave more fuel to the negative perspective of the XRP token as it to lose ground. It made have lost just a 2.5 percent of its value but during the day it was trading as low as $0.18 testing the middle of the support zone we drew there.
As of the time of writing XRP is forming its second straight red candle on the daily chart, trading around $0.185.
What we will be looking for here (best case scenario) is a re-test of $0.18 and a rebound from there towards $0.20 then an upward movement as per the chart. For now, the support zone is providing the required stability, but the overall trading activity seems pretty low.
Trading volumes peaked at $2.2 billion on Monday afternoon after bottoming at $1.6 on Sunday, April 12. In the early hours of trading on Tuesday, they are once again moving lower, which corresponds to the lack of activity on the chart.
In brief, not a trade I would take at the moment.
Kommentera:
XRP going as per plan - rebounded from $0.18, now moving above the 50-day EMA. Now trading around the 200-day EMA on the 1h chart. Next stop hopefully is the $0.20-$0.215 zone
Bad news: Something very similar to a rising wedge on the downside is being formed, which might result in a continuation of the bear move. We will see if it manages to break above the line in the next 2h.