XRP / TetherUSShort
XRP To $1.2 Or $0.7 Or $0.5?
As mentioned in my previous XRP post, with a call to drop from 2.54 down to 2 which has just been fulfilled. what could be next for XRP?
As you can see from the chart above, XRP has broken the long term ascending channel, which it has traded within since its inception.
Upon break of a resistance so significant as this, we would presume that a test of this level must happen before it potentially moves up higher, confirming that once resistance level as a new support of equal significance.
However, the RSI is still massively over bought. At a level which usually results in a complete reversal in price.
Not only this, but XRP has a history of being pumped and dumped. This could well be another one.
I would expect to see XRP fall back within the channel support over the next week or so, which would confirm this movement as a false break of the long term trend range.
If it breaks, we would first expect to see XRP come towards $1.27, around the channels equilibirum point. However, this level may not hold due to the fear, the sell off, the fact that it will have been brought back into the long term channel with force might well see XRP plummet all the way to the bottom of the long term channel yet again. That would mean XRP would reach somewhere between $0.7 and $0.5 - which would be another great buy opportunity
My previous XRP idea / Short:
Let me know your thoughts!
As you can see from the chart above, XRP has broken the long term ascending channel, which it has traded within since its inception.
Upon break of a resistance so significant as this, we would presume that a test of this level must happen before it potentially moves up higher, confirming that once resistance level as a new support of equal significance.
However, the RSI is still massively over bought. At a level which usually results in a complete reversal in price.
Not only this, but XRP has a history of being pumped and dumped. This could well be another one.
I would expect to see XRP fall back within the channel support over the next week or so, which would confirm this movement as a false break of the long term trend range.
If it breaks, we would first expect to see XRP come towards $1.27, around the channels equilibirum point. However, this level may not hold due to the fear, the sell off, the fact that it will have been brought back into the long term channel with force might well see XRP plummet all the way to the bottom of the long term channel yet again. That would mean XRP would reach somewhere between $0.7 and $0.5 - which would be another great buy opportunity
My previous XRP idea / Short:
Let me know your thoughts!
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