XRPUSD Short term target
XRP continues to show major signs of weakness. Technical indicators, Regulatory roadblocks/ SEC lawsuit, Bitcoin & overall crypto-market performance, and FUD are all compounding to create short-term bearish sentiments.
- RSI on 4H charts shows no momentum to the upside, and a possible reversal at the 50% towards the downside. Last this happened we dropped over 16%. A similar drop will take us to the $0.46 zone.
- The lack of volume is still a big issue, we can't rally without volume.
- I do believe we may at least revisit the $0.55 zone for what is hopefully a final shakeout.
I will not be shorting, as external factor seem to quite heightened at the moment and things can change in a instant. XRP is in a pressure cooker, but there's no better time to be in.
- RSI on 4H charts shows no momentum to the upside, and a possible reversal at the 50% towards the downside. Last this happened we dropped over 16%. A similar drop will take us to the $0.46 zone.
- The lack of volume is still a big issue, we can't rally without volume.
- I do believe we may at least revisit the $0.55 zone for what is hopefully a final shakeout.
I will not be shorting, as external factor seem to quite heightened at the moment and things can change in a instant. XRP is in a pressure cooker, but there's no better time to be in.
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