XRP Short- Update
I decided to give an update to my previous analysis of XRP.
I see two bearish possibilities. Currently, we are in a contracting triangle during the corrective phase. Usually, the price creates a ABCDE pattern, before it continues the trend. As such, we might expect it to go up one more time before it going down.
The other possibility is if the price decides to just continue the downtrend, without forming the D and E. As such, I believe that now it's a good time to enter a short position. Also, the RSI is trending below the 50 level, showing signs of the downtrend continuing.
I see two bearish possibilities. Currently, we are in a contracting triangle during the corrective phase. Usually, the price creates a ABCDE pattern, before it continues the trend. As such, we might expect it to go up one more time before it going down.
The other possibility is if the price decides to just continue the downtrend, without forming the D and E. As such, I believe that now it's a good time to enter a short position. Also, the RSI is trending below the 50 level, showing signs of the downtrend continuing.
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