Short XRP
Updated
Looking at XRP on this four hour chart here does not make me feel to confident about the asset holding current price levels intact.
I am leaning towards XRP seeking support in the $.40-.50 region. As you can see when sold down to this region on December 3, 2021 it was bought back up strong before one four hour candle could finish.
Even thought it is a major crypto, it is not a favorite of the crypto currency gen. population. A fundamental breakdown in price seems obvious considering market conditions right now. Not only bears are calling BTC short of 30k...Bulls are licking their chops to scoop some up....
So if the sentiment for BTC, the crypto with the most fan-fare, is sub 30k and soon...then it is only logical to assume XRP will be a causality.
From a technical standpoint this is a very clear upward wedge short play. We've done them in the past (ie. AVAX, see links below), and there is no reason to shy away from a play just because it seems simple or obvious. Just KISS it.
*Keep It Simple Stupid* for the generation(s) younger than me (millennial) that are wondering what the heck KISS is.
Happy Trading,
CryptoSlayer
I am leaning towards XRP seeking support in the $.40-.50 region. As you can see when sold down to this region on December 3, 2021 it was bought back up strong before one four hour candle could finish.
Even thought it is a major crypto, it is not a favorite of the crypto currency gen. population. A fundamental breakdown in price seems obvious considering market conditions right now. Not only bears are calling BTC short of 30k...Bulls are licking their chops to scoop some up....
So if the sentiment for BTC, the crypto with the most fan-fare, is sub 30k and soon...then it is only logical to assume XRP will be a causality.
From a technical standpoint this is a very clear upward wedge short play. We've done them in the past (ie. AVAX, see links below), and there is no reason to shy away from a play just because it seems simple or obvious. Just KISS it.
*Keep It Simple Stupid* for the generation(s) younger than me (millennial) that are wondering what the heck KISS is.
Happy Trading,
CryptoSlayer
Note
I am keeping this short open, I do not believe this rally has legs, good news today about the biden administration passing crypto laws can only float the market temporarily and I still stand by my stance on xrp fundamental weakness and am sticking with my targetsNote
even though xrp popped out of the top parameter of the wedge, when adjusted the formation is still in place, XRP closing above $.85 negates my stance and I will consider closing then
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