XRP / TetherUSShort
XRPUSDT Coinbase delisting aftermath
Updated
With Coinbase out of the picture what are we going to see next? It's highly likely we'll see Binance USA taking measures as well considering like Coinbase, they are bound to US regulations. Whether they will delist it for their US branch only or their complete exchange remains to be seen. Either way, on the daily we're officially in a bear territory and it's quite likely the downtrend will continue.
The descending triangle has broken down and it's highly likely we'll see the downtrend testing the 0.22 daily support and perhaps testing the 0.20 daily support. If you're in a 0.28 short from my previous analysis, taking profits at these levels would be good idea.
Taking short positions from the current price level is regarded very risky and use of a tight stop loss is highly advised.
Trade safely.
The descending triangle has broken down and it's highly likely we'll see the downtrend testing the 0.22 daily support and perhaps testing the 0.20 daily support. If you're in a 0.28 short from my previous analysis, taking profits at these levels would be good idea.
Taking short positions from the current price level is regarded very risky and use of a tight stop loss is highly advised.
Trade safely.
Note
The 0.227 has become the new resistance. We'll need to see if XRP has enough juice to break the resistance if we want to see an upward recovery. However it it is more likely that we will see it breakdown considering the negative sentiment towards XRP. Looking at Tradinglite (imgur.com/a/ew4Za4q) we're seeing that there is more buying pressure than there is selling pressure, a restest to the resistance is likely. We also see a buy wall at the 0.20 support confirming the support level on the chart.
Note
It seems highly likely that XRP will test the 0.17 support. If the support levels at 0.14 and 0.12 break as well we'll definitly be visiting new all time low's for XRP. RIP
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.