XRP Market Recap 7/11
Hello traders,
Here's a weekly time frame of XRP : US Dollar. As you can tell during the past few weeks we anticipated a major pump up to .51 cents, but we failed to close above the important area which was covered on prior analysis, which triggered a massive sell off.
We are now sitting just above the weekly ascending trend line which as you can see has never been broken and closed below.
Taking into consideration the BTC dominance which is currently raising, and the trend line which has been holding pretty well, I believe that XRP is in an accumulation area, ready to make its leg higher towards the likes of .38-.40 cents.
From the historical point of view, as you can see we've had a few stop hunts to around .29 cents, but never closed below the trend line. This being the case, we can anticipate a similar scenario. As long as we maintain to close above the trend line on the weekly XRP looks bullish, however a close below even though it seems unrealistic right now, would indicate a further downside, thus XRP would bleed even more.
Here's a weekly time frame of XRP : US Dollar. As you can tell during the past few weeks we anticipated a major pump up to .51 cents, but we failed to close above the important area which was covered on prior analysis, which triggered a massive sell off.
We are now sitting just above the weekly ascending trend line which as you can see has never been broken and closed below.
Taking into consideration the BTC dominance which is currently raising, and the trend line which has been holding pretty well, I believe that XRP is in an accumulation area, ready to make its leg higher towards the likes of .38-.40 cents.
From the historical point of view, as you can see we've had a few stop hunts to around .29 cents, but never closed below the trend line. This being the case, we can anticipate a similar scenario. As long as we maintain to close above the trend line on the weekly XRP looks bullish, however a close below even though it seems unrealistic right now, would indicate a further downside, thus XRP would bleed even more.
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