XRP IS ALIVE AND SO AM I! ✨ Before I start I just want to give thanks to anyone who's here, I really appreciate it and it means a lot to have you guys here. The past few weeks for me have been a lot to say in the least, been dealing with a lot and I haven't had the opportunity or chance to post thanks to all that unfortunately.
✨ That being said, we're back at it, and I'm hoping I can get back to normal with things, still dealing with a lot of course but I owe it to you guys to get back to being active, even with everything going on so thanks all the more for being here.
✨ It's been a rough month for the market in general, especially crypto as interest rates and inflation have battered us. On top of that we saw Bitcoin fall in a dramatic move which prompted the fall of other crypto's and the market overall before rallying this week back above that $65,000 mark in a sign of resilience however here's where we'll have another challenge. Bitcoin's going to have to keep above $62,000 at the very least to keep bullish and it'll have to break $66,000 in order for traders to be able to target and look to new and all time highs.
✨ Now Bitcoin isn't XRP of course but we are well aware by now that Bitcoin's price can be a lead indicator, a strong indicator at the very least for crypto as it usually drags the market with it thus another reason for why we've seen this dramatic rally in XRP this week as XRP alongside the majority of the market followed Bitcoin up. So now the markets holding it's breath waiting to see what Bitcoin does.
✨ As for another catalyst to this XRP breakout I've added a quick chart below highlighting the intersection and where that breakout started, we can see how we exited the blue wedge and regained the 200 EMA which allowed for us to get this golden cross and that's helped XRP rally.
✨ Next to look to is our ascending channel on the 45 minute chart displayed below which makes it clear that we've got this ascending channel that's helped to further boost XRP's price and rally. I see us getting a big retracement and falling if we end up slipping out and below the ascending channel as we don't have any support points to look to on the local time frame aside from our horizontal levels by which we'd take 0.515 as one support level and presumptively the levels below should also act as supports unless broken.
✨ I'll leave the idea here so we don't make it too long but yeah, keep an eye out for what'll likely be a retracement or some sort of reversal after such a rally. As much as we love seeing prices move up we always have to consider the alternative and be aware that sometimes the market's going to want to relax and cool off a bit, especially after a rally. And if we do end up losing that ascending channel then please look to that 200 EMA for a bearish, bullish confirmation.
✨ I have to go right now but I wanted to get something quick out for you guys, again apologies for the delay, it's just been a rough few weeks but I'll be back and active with it so thanks for the support, especially to those that have been with me for so long, thank you my friends.
~ Rock '
