XRP still showing huge signs of weakness.
Following my last update, which led to a drop in XRP of 0.10$ within a 3 hour time frame. Even though i thought that the update was very sufficient for you guys to carry on trading from, i still feel that we need to update the situation a little more as we are at such a pivotal stage.
Scenario A
Firstly, as stated in our last update we have met the huge resistance at 0.71$, where i believed a wall of sellers would lie (historically this is the case). Moreover, the lower (red) trendline represents a resistance which has existed from 0.83$ beginning on the 12th of march where a huge dump took place. We have tested 0.7$ and price had been rejected at this level, this led to what i presume to be a double top in its infancy on the trendline. In this Scenario i see price going down to the neckline of the double top at 0.63$ once again. Thereafter, price will most likely drop to the 0.5$ region again. I believe XRP will find support at this level.
OR
The upside scenario could come into play (scenario B) :
But, i am not hugely in favour of this scenario in terms of probabilities but we are seeing positive indications from both RSI and MACD. Lets begin with RSI. We can see positive activity historically that the upper blue trendline on RSI has been used as support and currently XRP is using it as support. Never the less, we also meet the black trend line on rsi which should the average area of rejection for XRP on our RSI indicator - we have slightly creeped above it but it could still be rejected and this resistance could easily still hold true. MacD is indicating we are at a pivotal point and an increase below or above the black line could indicate a choice of direction for XRP. Due to all the obstacles on upwards activity we will probably not switch to bulls until the 0.75$ mark and only when XRP breaks that price will we be bullish again.
If you hold XRP, we recommend you follow our cryptocurrency telegram down below, you will definitely find it profitable and exceptionally enlightening.
Scenario A
Firstly, as stated in our last update we have met the huge resistance at 0.71$, where i believed a wall of sellers would lie (historically this is the case). Moreover, the lower (red) trendline represents a resistance which has existed from 0.83$ beginning on the 12th of march where a huge dump took place. We have tested 0.7$ and price had been rejected at this level, this led to what i presume to be a double top in its infancy on the trendline. In this Scenario i see price going down to the neckline of the double top at 0.63$ once again. Thereafter, price will most likely drop to the 0.5$ region again. I believe XRP will find support at this level.
OR
The upside scenario could come into play (scenario B) :
But, i am not hugely in favour of this scenario in terms of probabilities but we are seeing positive indications from both RSI and MACD. Lets begin with RSI. We can see positive activity historically that the upper blue trendline on RSI has been used as support and currently XRP is using it as support. Never the less, we also meet the black trend line on rsi which should the average area of rejection for XRP on our RSI indicator - we have slightly creeped above it but it could still be rejected and this resistance could easily still hold true. MacD is indicating we are at a pivotal point and an increase below or above the black line could indicate a choice of direction for XRP. Due to all the obstacles on upwards activity we will probably not switch to bulls until the 0.75$ mark and only when XRP breaks that price will we be bullish again.
If you hold XRP, we recommend you follow our cryptocurrency telegram down below, you will definitely find it profitable and exceptionally enlightening.
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