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XRP Price Likely to Fall Again: Understanding The Key DriversXRP's price has been falling continuously below the $0.480 level, similar to what happened with Bitcoin and Ethereum, dropping below $0.4650 down to $0.4620. The price formed a low at $0.4619 before it recently began to recover. The price saw a noticeable upward movement above the $0.4700 and $0.4720 resistance levels, even surpassing the halfway mark of the Fibonacci retracement for the recent downward wave from $0.4885 to $0.4620. However, sellers are still active around the $0.4780 area, defending the 61.8% Fibonacci retracement level of the same downward wave. There are also significant downtrend lines forming with resistance at $0.4770 on the hourly chart for the XRP/USD pair. Currently, XRP is trading below $0.4800 and also below the 100-hour simple moving average. From the upside, the price faces resistance near $0.4770, with the first major resistance near $0.4800. If the price successfully surpasses the $0.4800 resistance, it may head towards the $0.4885 resistance. The next significant resistance is at $0.5050, and a close above this area could push the price higher. The following main resistance is at $0.5250, and any additional gains might direct the price towards $0.5500. On the other hand, if XRP fails to overcome the $0.4800 resistance area, it could start recording more declines. The initial support on the downside is at $0.4685, and the next significant support is at $0.4620. If there is a downward break and close below $0.4620, the price might gain bearish momentum. In this case, the price could trade even below the $0.450 support in the near future. Recommendation... Sell or Buy? Based on the data and XRP price movements and current resistance and support levels, the market seems headed towards more short-term selling pressure for several reasons. One is that XRP faces solid resistance at $0.4800, and its repeated failure to exceed this level indicates weak upward momentum. Another reason is that XRP trading below the 100-hour moving average suggests a short-term downward trend. Therefore, if XRP fails to break the resistance level and starts to decline, this might increase the selling pressure, making selling a reasonable option to reduce losses or avoid larger drops. However, it's beneficial to monitor the market for some time to see if XRP can break the resistance and confirm an upward trend before making a decision. Remember, managing risks and setting acceptable loss limits is crucial in cryptocurrency trading due to its high volatility.
BITSTAMP:XRPUSD
by bbitar
XRP'S ASCENDING CHANNEL FOLLOW UP! 🔥 Hey hey, hope everyone's been well, here we are once again, coming through with a quick follow up for you guys on behalf of our previous idea. As always, thanks for joining me for a bit, appreciate it! 🔥 In our last idea we added that ascending channel and highlighted the fact that we didn't want to lose it else we'd likely fall and that's exactly what ended up happening. Here's a link to the idea, chart below for anyone that'd like to check it out: 🔥 We already knew we we're testing that support since we'd already had one touch there and we're fighting with the 200 EMA before we ultimately lost it, compare that to today's chart and we can see how we've been flowing through these channels which I've now added in the blue lines to make things simple. 🔥 The ascending channel took us down before we hit that support at 0.5146 by which then once we got that retest of the horizontal level bulls we're able to reverse things and we've even managed to regain the 200 EMA which is just great to see of course. That's what we like. In reference to the ascent I've added this ascending channel which we can see in depth below on a shorter time frame: 🔥 Judging by our current ascent, what matters is whether or not we keep above 0.526, if we can't keep above that horizontal level and our 20, 50 EMA's flip then expect some sort of retracement, especially if we lose that 200 EMA again. Just keep an eye on the horizontal levels which are in black and our ascending channel (within the blue lines). That's about our best reference points for now. 🔥 I've got to run, said this idea would be short and quick and so we'll leave things there for now, simply wanted to share some thoughts and all real quick with this follow up, we'll do a bigger picture analysis over the week too so keep posted for that! Thanks as always and till next, have a great day! ~ Rock '
BITSTAMP:XRPUSD
by Rocksorgate
5
🔥 XRP'S ASCENDING CHANNEL 🔥🔥 Hey hey! Hope everyone's doing well, this is gonna be a pretty quick idea so feel free to tune in for a short bit, thanks! 🔥 In our last XRP idea, chart which is linked below we added in this ascending channel and some horizontal channels to help keep a reference on the chart. 🔥 Since that idea we see a couple things have happened notably. I've extended the ascending channel with some dotted lines to represent the before, after. First point is that we managed to find support again at 0.525 and rebound, even after we'd lost the 200 EMA which brings us to where we're at now. So we managed to avoid losing our ascending channel and regain the 200 EMA again. 🔥 I'll keep this simple, we're at a pivot point, if bulls can manage to keep us from falling and losing the ascending channel then they can use it as a support and that'll help us push for higher prices. We did manage to hit that 0.537 before retracing so if we can pull back up, I'd expect it to give us a fight with 0.54 being the main battle. We break that and we could possibly see a breakout should we form that higher high for the last couple days. 🔥 Another case is that we lose the 200 EMA, we fall below and out the ascending channel and fall hard by which I'd refer to the horizontal levels we have to test for support and resistance levels should that happen. 🔥 Said this idea was gonna be quick and I have to get ready for work so we'll leave things there, simply wanted to come back to our chart and go over a couple things we're looking at currently. I know it ain't much but I simply wanted to make a quick follow up for now and we'll do a deeper technical analysis for our next idea. 🔥 Anyway, thanks for joining me for a bit, appreciate all of you guys as always! Here's to a good future for crypto. As always, many blessings till next and Keep tuned for more. ~ Rock '
BITSTAMP:XRPUSD
by Rocksorgate
1
📈 XRP AND THE ASCENDING CHANNEL 📈🔥 Hey hey, hope everyone's having a chill night, wanted to come through with a quick late night post on XRP and our ascending channel. 🔥 In the last idea we added this descending channel, that ended up pulling XRP down and hitting support at 0.492, I haven't added any horizontal levels so price is still adhering to the levels. So with everything that's happened we've got the local low of 0.492 and that high of 0.55. I've set alerts for those two points for reference. 🔥 I've added two horizontal channels as well as two defined black lines with labels to highlight, point out our ascending channel that's formed the past couple days, gives us some reference and insight onto what's happened, what we're looking at. 🔥 Personally, I would recommend adding in the ascending channel, drawings, can help us keep track of things, especially being that we're at this crossroad now with that 200 EMA, we've already had one slip down into the horizontal channel below. Should we end up losing that 200 EMA and reenter the channel I'll be watching the ascending channel's support line. If we lose that, chances are good that we'll continue further. Should that happen I'll look to the horizontal levels and 0.492 for support if we end up really falling. 🔥 I'll end the idea here for now, said it'd be a quick one and that's that, at least now we have some things we can use and refer to for reference and keeping an eye on things. It's been a positive week though for XRP alongside the S&P and a lot of the market so I'm looking forward to see how things play out this week, especially with the SEC's approval today of Ethereum ETF's in a historic push for crypto! 🔥 Thanks for joining me as always, I appreciate you guys so much and wish nothing but the best till next, thanks for keeping tuned! Best regards, ~ Rock '
BITSTAMP:XRPUSD
by Rocksorgate
2
📉 XRP AND THE FALL TA / IN DEPTH 📉📉 Hey hey, been a couple days since the last idea, wanted to make a quick follow up and take a look at what's going on and happened since our last post. As always thanks for being here and coming by, I really appreciate you guys of course. 📉 In the last idea we pointed out this resistance at that 0.534 level where we had already seen two rejections and we we're looking to see what our chart would do next after falling below that ascending support level that we'd drawn up with the blue lone as shown below, this is the chart. link to the last idea: 📉 I pointed out in the last idea how we had fallen below the ascending channel, this horizontal support which again as shown in blue was helping to push us up in price action. We can see just what kind of battle we had as a result, I've extended the blue line from the last idea with a black line to highlight the before, after and we can see that even then the line's role still played a part in price action as we saw this wild fight between bear's and bulls. 📉 Personally it seems like the biggest fight was over the 20,50 EMA. On the 6th we can see how just when that 20 EMA was about to flip with the 50 EMA we got this massive price boost, buy in, seems like it was a whale, institutions attempt to help bulls avoid seeing a convergence of the EMA's which ultimately did end up happening just about a day later which has led to the creation of this descending channel and that's been the main catalyst for our reversal. 📉 Sure we got the rejection at 0.56, that makes total sense, we formed a new high on the local timeframe and understandably some traders, whales probably took profits, closed positions leading to this reversal and taking advantage of the quick price jump. Since then we've seen our 20, 50 EMA flip and lost the 200 EMA in the process. 📉 Main thing to watch is this descending channel, I'm looking to see if we get this breakout from the descending channel. If we get that breakout then as past price action has told us historically we'll more than likely see price recover and that'll give us this sort of catalyst for our next move up. That is of course granted we break out of the descending channel and can regain the 200 EMA in the process as well, bears will fight hard to prevent that so definitely keep an eye and feel free to add the lines to your own charts. I've added the two black lines to highlight our descending channel. 📉 Didn't want to keep this idea too long, just wanted to do a quick analysis as what we're looking at, what's happened and what could possibly come up soon. I personally see us retesting 0.515 like we last did on the 3rd, if we can bounce off that it should be positive but if we fail and continue down within this descending channel then we'll have to consider 0.50 and 0.492 should should traders want to take profit, close positions, mainly due to psychological factors so definitely set some alerts for those level's if you'd like. I will be doing the same as well as for the ones above our current price point of course, always good to know our top and bottom. 📉 Thanks for coming by as always and taking the time to read through my ideas, especially if you've made it this far, I try to keep things short but it's always fascinating taking an in depth analysis at prices and identifying why some things happen and what possibly can happen, no complaints though, it's helped us identify and formulate things a lot simpler. Thanks as always for joining me today, appreciate you guys and feel free to leave a like and follow to keep tuned! Thank you and till next, many blessings. 🙏 ~ Rock '
BITSTAMP:XRPUSD
by Rocksorgate
3
⚡ XRP AND A QUICK TA! ⚡⚡ Alright, we're gonna keep things quick and simple today. ⚡ In the last idea we identified what seemed to have been a new resistance trend line and that indeed has been the case, it's simple enough to spot the effect as a result, we've seen prices pushed down right to that low point at the start of May. ⚡ It's there that we see the horizontal levels did indeed put in the work, as we retested 0.485. Once we found support there bulls took a firm grip and we we're finally able to get that breakout above the resistance trendline and that with our 20/50 EMA helped us recapture the 200 EMA to explain ripple's price action in a short and simple fashion. We we're stuck below the resistance, then we hit rock bottom, support and pulled up achieving this breakout that's helped us get back up basically. ⚡ I've encircled two points at 0.534 and 0.5378 or 0.534 to round things up. 0.534 is going to be our current point of interest. Since we already had an attempt at 0.534 before failing to break above the resistance line that made it all the more challenging for us to continue once we hit it again for the second time ultimately failing to regain higher ground. ⚡ Bulls will have to break that in order to push higher so I'd set an alert there and for 0.526 since that seems to be our local support, price action could have us seeing a horizontal channel form as bears and bulls fight to keep above that 200 EMA, or below depending on which team your on of course. So keep an eye out for the 200 EMA line, that'll be the bearish confirmation if we fall below and bullish if we can manage to keep above and avoid seeing those 20/50 EMA lines flip. ⚡ One last note is the blue line, that's basically a support line we've identified, it's also the reason XRP avoided losing the 200 EMA on the 3rd of May when we bounced off that line so it's definitely important to note that with us now being below the line things are technically bearish but whether things actually play out bearish or not will depend on who wins over the next few days and if we keep below the line or can regain ground above it though it'll be a challenge of course, but then again. Nothing is impossible, this is crypto after all. ⚡ Said I'd keep this idea short and that's it, I'll be posting more over the week so feel free to leave a like and follow to keep tuned, I simply wanted to give a quick summary of things and an idea of what we're looking at currently. Either way as things stand, I'm sure thing will heat up over the next few weeks, haven't had much movement following Bitcoin's halving so I'm curious to see what could be in the works. Thanks as always, and best wishes and blessings till next! ~ Rock '
BITSTAMP:XRPUSD
by Rocksorgate
2
⭐️ XRP AND THE BITCOIN HALVING! ⭐️⭐️ Hi! Hope everyone's doing well today, it's finally that day, the halving has arrived and personally I feel like it flew up on us. Crazy to think that only a couple months ago we we're talking about the halving and now here we are. Bitcoin's fourth halving! ⭐️ Wild think that could be the case but here we are! I've been working everyday this month so I haven't exactly had too much time to post anything let alone be home but I decided to take a day off so here we are! Thanks for tuning in for a bit as always. ⭐️ Anyway I'm sure we want the technical analysis so I'll put one below in the displayed chart here: ⭐️ I made up this chart a few days ago but was unable to post an idea so why we've got that April 19th timestamp, regardless the chart did it's job and explains a bit of what's happened afterwards, what we're looking at today. ⭐️ We did in fact exit our horizontal channel signaling a bullish breakout and we managed to recapture out 200 as we had brought up in the previous chart forming a golden cross which helped send prices up in a new ascending channel as shown below: ⭐️ Thanks to that ascending channel and golden cross it's simply to see how we we're able to reclaim some ground and get that positive price action before hitting another resistance level at that 0.57 which is understandable, at some point we we're going to have to retrace and that brings up the next point. ⭐️ From our current position we're looking at a few new developments like that resistance line that's seemed to form since that rejection at 0.57 and 0.56 forming this new level of resistance which will probably play a role in future price action. That's not the main point right now though, we're still descending and looks like we're gonna be retesting our 0.526 horizontal level. For those of you that aren't familiar with my lines yet here's the summary. Their just horizontal levels which I've added over time. Some are few months old, some more, they are essentially resistance and support levels depending on which side your on . ⭐️ Anyway, to keep things simple. If we can't regain that 200 EMA on the hourly and we fail this retest at our 0.528 horizontal level then I'd expect us to fall further and retest 0.514 and 0.50 below should we breakdown. Admittedly that's gonna be a bit tough since our 20/50 day EMA's have already converged and flipped so it'll take a bit of pressure to get those flipped and get a bullish signal but it's definitely not out of the equation. So if bulls can sustain support above 0.525 then we stand to regain the 200 and continue pushing up in which case we'll look to that resistance line to see how the market reacts to that. ⭐️ As always, thanks for coming by, I appreciate you guys so much as always, especially if you've made it this far, I simply wanted to share a couple quick thoughts and get a post out, especially after Bitcoin's halving! It's incredible to think that it's been so long and yet here we are now at that point alas. Who knows what the future holds, I simply believe it'll be something well worth. Thanks as always and much love, all the best till the next idea! ~ Rock '
BITSTAMP:XRPUSD
by Rocksorgate
2
🔥 XRP LEFT THE DESCENDING CHANNEL 🔥Hi! Hope everyone's doing well, if your a regular here then thanks for coming by as always, appreciate it! 🔥 In our last idea we highlighted that descending channel for XRP and pointed out that a lot of what would happen would be in correlation to Bitcoin as well as whether or not we exited the descending channel and that's basically it to keep things short and simple. We got that exit from the channel and since then this sort of ascending channel has formed which I've detailed with the dotted black lines. 🔥 That being said we have exited from the ascending channel and we see exactly what happened with that. We lost both the channel and the 200 day moving average thus we're close to retesting this support here ranging from 0.60-0.61 to gauge whether or not we can regain our footing or if we'll fall further. 🔥 Part of that will likely be on whether or not Bitcoin itself can keep itself grounded above $69,000. Here's the chart below for some perspective: 🔥 I haven't added anything, I've only extended the horizontal lines from the previous post so we're at this resistance point or pivot point right now as some may call it. If we fall back down below 69 I'd expect some volatile movements with a possible drop if we lose the 200 EMA on the lower time frames by which we could see another test of $61,500. After all, we can see that it already did one test of that level before rebounding and exiting it's own descending channel. 🔥 So definitely would recommend keeping an eye on that, it'll likely influence Ripple in the next few days as usual. As for economic events to watch for on the 29th, this Friday Powell will be speaking and we already know how that can sway the market so definitely watch out for some possible volatility depending on what Powell comments, speaks on or about. 🔥 Didn't want to make this idea too long but you get the gist, we're just at another pivot point and we've got these mini channels moving us up and down, nothing too crazy. And all this amongst the SEC asking the Judge to Fine Ripple nearly $2 Billion in the XRP case which alone as it is marks a crazy move by the SEC, they stay being nothing but trouble unsurprisingly. Here's the link to an article on that below: news.bitcoin.com 🔥 Any way I'm leaving the idea at that, there's no clear outlook on things as we're mainly waiting to see if BTC can sustain enough pressure and support to keep above that 69k mark again. I'll leave it there but thanks for coming by as always, really appreciate it you guys. Have a great day and see you all soon! ~ Rock '
BITSTAMP:XRPUSD
by Rocksorgate
3
⚡️ XRP WHAT'S NEXT? ⚡️⚡️ Alright alright. Well we're back with it again, this time with a quick lighting idea for you guys, a real fit for this stormy weather we've got today going on where I'm at. Anyway let's just get started, thanks for tuning in of course, hope your all doing well as always. ⚡️ In that last idea of ours we honed in on a couple things and possibilities as Bitcoin was hitting that All time high and it seems we ended up getting the latter with the fall after that impulse wave up with our rocket of an ascent up to 0.736 cents for XRP and Bitcoin's basic All time high on the 13 of $73,083. Economic inflation data didn't hit too however great in the least to say and ⚡️ Right now we can see that we've had this descending channel form since XRP's jump up and it's pretty simple to see what we're dealing with, we've got these two descending lines, channel that's formed which has been the main thing to drag us down for the most part. That being said 0.57 seems to be our support level right now and I'd set an alert below that in case we slip back down below that. ⚡️ Main thing I'm going to be looking out for is a breakout from the descending channel here. That should help us get the move up and out from this descent that I'm sure bulls are looking for and waiting on though a lot of that will likely be thanks to Bitcoin's next move if it can face it's current hurdle as shown below: ⚡️ The chart overall speaks for itself for the most part thankfully. We can see how Bitcoin after hitting that All time high did have the retracement which is super fair considering it was an all time high and everything but that in turn ended up forming a head and shoulders pattern which was a pretty bearish confirmation and we can see the fall that ensued after before support was found at that $61,500 point. Definitely set some alerts there in case we fall below that. ⚡️ So yeah the main thing here that's likely gonna play a role on the market in the next few days is whether or not Bitcoin can face that hurdle of resistance at $69,000 and $73,000 of course so after. Chances are if we end up pulling up and failing to break that then we'll more than likely get some sort of reversal or further retracement and retest that $61,500 support so set some alerts for that $61.5k and SWB:69K if you want to keep an eye on those essential 'pivot points'. ⚡️ Like I said this was going to be a lightning idea and that's that, I simply wanted to give a quick insight on my perspective on stuff and what I can see, identify going on right now, at least in my own view point and all. So thanks for coming by, stay tuned for more as always and till next, wishing all the best of course, can't wait to see what the future holds! ~ Rock '
BITSTAMP:XRPUSD
by Rocksorgate
1
🌠 XRP BTC AND THE BIG PICTURE! 🌠🌠 Well. To say it's been a wild month but be a bit of an understatement lol. It's crazy to see how quick things move in this space. Stocks is one thing but crypto? It's a whole different entity in itself and one which I'm grateful to be a part of. Hope everyone's doing well, I'm feeling a lot better today so thought I'd get a detailed but very important post out here for you all, thanks for coming of course! 🌠 I haven't really added anything to this chart aside from the two black trend lines to point out that ascending channel before we had the exit and prompt fall thereafter. So all of the horizontal lines and everything are the same markers we've had for months now. It's a good sign that the chart's are sticking to those historical price points and shows us that these levels are still putting in the work great enough to see. 🌠 Explains why we've managed to get that boost up to 0.736 before hitting that resistance level and retracing to this next horizontal level of 0.688 by which things look now to be in the midst of a battle between bulls and the bears. The next two support levels below that then are 0.65 and 0.624 for future reference should we fail to sustain pressure up here and fall back. 🌠I'll wrap things up soon so don't fret, just wanted to give two very big picture idea's of what we're looking at on behalf of XRP as well as Bitcoin's weekly charts as shown below: 🌠 To start off, XRP's chart looks promising and personally looks like we may get a breakout, it may not be in the next hour, the next day, or even week but at one point or another it's more than likely we'll be getting a breakout soon enough. We've technically already broken out of the wedge on the weekly but the main factor to take into account here is Bitcoin. Bitcoin is obviously gonna have a lot of influence and when looking at Bitcoin's chart we can see that the new all time high looks wild to see. 🌠 We're at a precarious point in the least to say, this could be the start of the next rally for all we know, Bitcoin is trending, we've got the halving and the new is positive but whether or not that can be sustained and continue will have to be seen. I personally don't like the fact that we've climbed up this high this quick, especially Bitcoin to it's ATH, It puts us in a good position for a mountain fall or selloff but then again we've got the halving and the overall sentiment is positive. Just the pace of everything is the only thing that irks me. 🌠 We've come up like a rocket and we'll have to see if we can continue with that boost and break through the atmosphere and continue, if not, we may be in a position for one more fall back down before continuing our ascent but definitely set a couple price alerts if you want to keep an eye on things or enter at a lower point, I'm personally hoping to see a bit more of a retracement but fall or rise, I'll take both. 🌠 I think I've detailed enough, I appreciate those of you that continue to stick by my side and join me for these ideas, simply wanted to give some quick insight and thoughts of my own but I hope everyone is doing well as always. You guys absolutely rock. Here's a quick cheers till next of course. 🥂 ~ Rock '
BITSTAMP:XRPUSD
by Rocksorgate
1
🔥 XRP'S WILD RUN UP AND BITCOIN'S HALVING 🔥🔥 Hi! Been a while and all but this month hasn't exactly been what I was expecting I'll admit. Been at work just about every single day this month and between that and being sick the past week I haven't been in the best state so big thanks to those of you that are here with me today. Means a lot and it feels good to be able to post again! 🔥 Gonna do my best to keep things short and simple here. It's been a pretty wild month overall with XRP's climb up to 0.57 in which we almost saw 0.58 before moving back down after getting two touches at the horizontal level which I've highlighted with that black line. One of the main reasons we had that drop and fall back down after the 20th would likely be thanks to an Elliot Impulse Wave pattern which showed up. 🔥 I spotted a possibly Elliot Wave pattern on the 21st however was unable to post since I had to run back to work but here's the chart for that below as reference: 🔥 Also yes, I know that in Elliot wave patterns it's the third leg that is suppose to be the longest. I may have misplaced or read the chart a bit wrong but the idea still stands, I was in a rush and I had to jot down what I could. And whether or not the chart was perfectly accurate or not doesn't matter. We did in fact get that reversal and fall down to 0.53 in the days after so the pattern proved true and accurate. 🔥 With that said and done, what we've experienced over the last week or so is more than likely thanks to Bitcoin's halving prospect as things amp up. Yesterday alone Bitcoin hit that $60,000 mark. A number which many people doubted would ever happen again and yet surprise surprise, it very much did and with a pace like none could expect. With that having happened you can bet a lot of the crypto market followed en route pulling some serious gains such as Ethereum hitting $3,300 and XRP hitting 0.60 cents. 🔥 Personally, I see most of these gains driven thanks to Bitcoin which would only make sense, there hasn't been any significant news on XRP or some of the other cryptocurrencies which have seen gains over the past few days so my thoughts are that it's Bitcoin driving these right now which isn't too bad either. At least not in my mind. 🔥 Definitely gonna give things a few days and see how the market reacts as we'll have to see if Bitcoin can hold above $60,000. That's the most important thing right now to watch for, any other crypto is more than likely going to be influenced by that so keep your eyes peeked for any news or that $60,000 number. It's a strong number that's gonna be looked at closely for traders and big firms alike. 🔥 Said I'd keep this idea short and I will. That's it for now but thanks for tuning in as always, sorry it's been so long again, just haven't really had any time to catch my breath this month let alone post so thanks for bearing with me. Really appreciate it. All the best till next! ~ Rock '
BITSTAMP:XRPUSD
by Rocksorgate
1
Will XRP army finally see some sunshine?After experiencing an initial surge of around 50% alongside the broader crypto market back in November of last year, the price action of BITSTAMP:XRPUSD has been rather disappointing for the XRP Hodl army, characterized by a consistent pattern of lower highs. However, recently, following a new test of the 0.5 zone, the cryptocurrency has shown signs of life and begun to ascend. Currently, the price is flirting with a descending trend line, and although a clear upside break hasn't occurred yet, the likelihood of it happening is considerable. Should such a breakout occur, after enduring long-term frustration, the price could accelerate upward, with 0.75 serving as a potential target for those who aren't entertaining fantastical scenarios such as XRP reaching $10 USD or beyond.
BITSTAMP:XRPUSDLong
by Mihai_Iacob
1
🔥 BIG MOVE SOON FOR XRP AND BITCOIN! IMPORTANT 🔥🔥 Hi hope everyone's doing well, wanted to come by and give a quick follow up and post before I have to head back to work but wishing the best as always and thanks for coming by as always! 🔥 This idea won't be too long but it'll be important so give it a quick read and check out some of the charts below! To cut to the chase, we can see XRP just about finally exiting out of this descending channel that it's been in since last year when we take a look at the 4 hour chart attached below: 🔥 Anyway we've got that as well as the combination of our 200 EMA being within arms reach so to say. If bulls can manage to regain that 200 EMA on the 4 hour chart then I can't emphasize just how much of a positive indicator that would be for us. We can clearly see how we had that flash drop at the start of the year and how losing that 200 EMA contributed so much to us falling, especially once we failed to regain it on the second attempt back in January. 🔥 With that all said and done next big picture we wanted to check on is Bitcoin. Bitcoin's at the same level at which we once stood back in January. This is undoubtedly gonna be a pretty big pivot point depending on whether or not we can break this resistance level by which we'll have a good shot at possibly forming/hitting new high's or at least hitting that $50,000 mark soon enough. 🔥 What that being said we can always have the opposite scenario and end up falling back down below our $47,000 level should that happen we could experience a similar flash sell to that in January following the ETF news though I wouldn't expect things to be as dramatic but then again, you can never be certain in this market, but past price action alone we're certain this level is going to likely make or break things for traders. Below is a bigger highlight of the big consolidation channel for Bitcoin that should be noted. 🔥 With the bigger picture here and a look at our big consolidation channel we can identify the points between $41,500-$43,000 to be this sort of horizontal consolidation channel for Bitcoin. Would definitely recommend adding to your own charts in case we come back to that point which is always a possibility. Traders are looking for a make or break indicator and hopefully we can avoid the latter. 🔥 With that all being said and I done I said this idea wouldn't be long and I keep to my word, just wanted to give a big picture view and quick analysis of both charts considering the fact that the market will likely stick close to Bitcoin and follow, the correlation grows apart sometimes but overall using Bitcoin as a lead indicator, confirmation can help us out over here too. That's it for today anyway, thanks for coming by as always and wishing the best as always till next. ~ Rock '
BITSTAMP:XRPUSD
by Rocksorgate
1
🔥 XRP AND THE HACK OF THE YEAR! 🔥🔥 Before I start I simply wanted to apologize, been working a lot of overtime the past few weeks and that's taken away from my ability to post as of lately, that being said I won't be doing ot as much this month so that I can post more often for you all and with any luck I can get a laptop soon so I'll be able to post from work for you all. Nonetheless thanks for tuning in, let's take a quick look at things as of lately. 🔥 The crypto space hasn't had any special or wild news as of lately thus what we've been dealing with has mainly been technical and to start that off we can analyze the two descending channel's that XRP's been dealt over the past few weeks which forced us into this range between 0.495 and 0.54 as Bulls and Bear's battled with our descending channels helping Bears gain the advantage, or at least till we got the chance to break out of the descending channel. Here's a chart below depicting the two descending channels. 🔥 The image above is posted from the 31st of January and since then we can see just how that channel alongside our horizontal levels have played a role over the last couple of days as shown below in a bigger picture chart: 🔥 On our last fall which saw our price action break down and below the descending channel that pushed us down to 0.492 at which that horizontal level acted as a support and buyers kicked in pushing us back up and ultimately through the channel to get a breakout from the descending channel. Since then we've had this ascending trend line help push us up and break away form that channel to ultimately regain the 200 EMA after retesting that 0.50 horizontal level which is in the dotted lines. 🔥 Now when we look at what's presented before us currently we see that horizontal level at 0.526 is kicking us back down again with resistance. What matters here is if we can keep above that 0.514 level as it should act as a support for us being that we've crossed above it now and if we can ultimately break 0.526. We already know that news is usually the driving force for XRP's price swings and if there's any news as of recently that's notable it's the hacking of Chris Larsen's wallet. 🔥 For anyone unaware, Chris Larsen is one of Ripple's co-founder's and the executive chairman. Around $112 million worth of XRP was stolen from the executive's crypto wallet and it was noted that most of the funds we're already laundered through several crypto exchanges and platforms such as Binance and Kraken, both of which have already frozen the funds and accounts on their exchanges though the same can't be confirmed by the other exchanges that the hackers may have transferred funds to so there's no certainty on whether or not the $112 million is completely safe or if the hackers still have a means of selling the XRP in one way or another. 🔥 This hack sums up to the largest cryptocurrency hack/theft of the 2024 year thus far according to data on behalf of Rekt which is a website that tracks and highlights crypto and web3 breaches and hacks. The link to the article is below for any that may want to read more into things: techcrunch.com 🔥 That's basically been the highlight of the week with XRP so far and any price action we get is likely gonna be on behalf of whale's trading and the details that may emerge as we get more information on the co-founders wallet hack which should be in the next few days. So expect some possible consolidation as price will likely search for the next direction. That being said definitely watch the 200 EMA, we already know it's significance and just what it can mean if we lose it again. 🔥 Don't want to make the idea too long so I'll leave things here for now but wanted to give you guys a quick follow up on things and what exactly we've had going on. I know it's not much but we don't exactly have too much going no right now, things in the crypto world are pretty calm as far as news and action goes so it's up to traders and whales to make the move over the next few days using what they can, I'll make sure to keep posted more and update you all of course. Thanks as always and all the best till next. ~ Rock '
BITSTAMP:XRPUSD
by Rocksorgate
🔥 XRP'S WEEKLY UPDATE 🔥🔥 Hey! Thanks for stopping by! Appreciate it as always, this should be a quick update and all. 🔥 Before we get started the link and chart of the previous idea is linked below, simply click on the chart and she idea should pop up. 🔥 That being said we did expect a possible further drop if we we're to fail to regained and break back above 0.55. Now looking back we can see that did happen and we promptly got pulled back down into our descending channel. I've extended the channel from the previous idea in blue lines to highlight the new section, it's the same as the previous, simply extended. 🔥 Anyway it's a good thing we had those horizontal level's, can see just how much of an impact those horizontal levels played from that tug a war that happened between the 23rd and 25th at the 0.51 cent level before we slipped down. 🔥 Buyers did pull through though managing to keep us above 0.492 for the lowest dip of the week and above 0.50 by which then we did get that pull back up and broke out from the descending chanenl to break the 0.51 level and that pushed us till 0.539 where we hit another resistance level. 🔥 This sounds simply and all, but simply and dumb as this may sound sometimes, that's simply as it is, the levels do the job pretty well alongside the 200 EMA, it's simply about watching them and seeing whether or not we stay above or fall below one level and understanding that from below that becomes resistance and above it becomes support to put it simple. 🔥 So we've had that happen and Bitcoin's managed to regain some of the losses over the past 2 weeks managing to pull up 5.87% this week and reestablish ground above $40,000. The ground feels to be thawing but it's not quite done just yet. Definitely feel free to add any alerts at these levels as we already know they do the deed. I have to go but wanted to give a quick follow up for you guys, hope everything is going well and keep tuned till next! ~ Rock '
BITSTAMP:XRPUSD
by Rocksorgate