I am definitely still bullish on XRP, but XRP requires a bit of patience, it has been a bit boring over the past 5 days.
Price is trading inside an Ascending Channel so price can definitely swing either way. There is a possibility that price could drop lower before heading up - here are my bearish points -
However with the above being said, there is strong support at the $1.13 Zone so price can definitely bounce upward within the channel.
Don't be too worried if price falls a little bit, It is always good to be prepared for both scenarios.
Price is trading inside an Ascending Channel so price can definitely swing either way. There is a possibility that price could drop lower before heading up - here are my bearish points -
- I feel the RSI could be lower to get the momentum that we want to push prices higher.
- BTC price could drop to retest the 20EMA, dragging XRP with it.
- BTC RSI is quite high, so a price drop in BTC wouldn't be overly surprising.
- If you find price breaks down my price target is $1.08, next support level is the $1.07 range.
However with the above being said, there is strong support at the $1.13 Zone so price can definitely bounce upward within the channel.
Don't be too worried if price falls a little bit, It is always good to be prepared for both scenarios.
Price ended up breaking down find support at the $1.07, this didn't overly surprise me as stated above I had been feeling a bit bearish. However, I didn't expect there to be a flash dump. I would like to see this area of support hold, if it falls through then next support level is around the $0.99 range which would be concerning.
The positives with this drop is that the RSI is now at an ideal range for further uptrend, and price is finding support on the 200EMA.
However.
The negatives is that BTC daily RSI is quite high we definitely don't want price to pull back to the 20EMA - lets be fair, its possible! Keep an eye on the daily, because if price pumps from here expect a pull back.