As expected BTC has created a new local low at around 40k. This drove the whole market down, but actually by not that much compared to BTC. Even though i do not think btc has found a major local bottom yet, xrp price could have already finished the crashing after capitulating to $0.60.
First it would be nice to see holding $0.70 as that would further prove how bullish the chart actually is. Theoretically price could dip down to $0.50 and still be bullish (but not further) so don't get worried if that happens.
Most realistic scenario that i see is the price going sideways in the range of $0.80-$0.65 especially if btc does one more push down from here. For now $0.70 area seems to provide good support. Again let's hope we hold it, if not you can see that as a even better buying opportunity (not a financial advice).
I am not a financial advisor so non of this should be taken as a financial advice. Be Well.
If we use ichimoku cloud indicator on the 1D chart you can see that we still have a lot of resistance to break if we want to have a breakout in the upcoming days. This is one of the reason why i am in the belief that price could still go sideways for a couple of days.
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.