💥Hey guys! Been a crazy day, XRP exited it's 200 EMA in just about the worst way possible alongside BTC which led the way and started the drop for the crypto market bluntly. That mountain fall started what has to be one of the most dramatic sell off's we've seen in the past few weeks and has a few contributing factors no doubt.
💥To start, Celsius was just given the green light to go ahead and sell their Bitcoin assets to help deal with their Bankruptcy, and that no doubt has been one of the biggest contributors to this sell off as they likely sold a large portion of their BTC of which is worth $348 Million as well as $557 Million currently. That may seem like a lot but compared to the 2.5 Billion worth of bitcoin it owes that's a huge hole in their sheets.
💥That's most definitely been one of the reasons we've seen this whole tank as they are selling those Bitcoins and that's no doubt impacting us, and with that you get retail investors as well as whales selling so it's no surprise to see this happen. It's to be expected but no doubt the move is perhaps bigger than some may have expected.
💥Still, when looking at the technical, we can see that XRP seems to have found support above 0.36 and that's most definitely what we want after all of this, we want it to avoid moving into that DANGER ZONE which is a zone that paves a bad path to that possible 0.35 mark which is in a big red line for a good reason that I'm sure you can guess, we don't wanna touch that let alone fall below it at all.
💥My biggest hope right now is that we can regain our 20 and 50 EMA's as well as form a solid bounce and prop up some support following the sell off that virtually struck the market. On top of that we know that Bitcoin miners sold up to 60% less in July signaling a bullish sentiment as the volatility of the market had been subsiding up till today that is of course, but you can only expect so much events like this, you simply gotta deal with them and use it to your advantage.
💥This could be the possible bottom we need to bounce off for a strong recovery though admittedly it won't be easy, we need this bounce and we've gotta keep a look out for those marked lines for possible price action as well as the EMA's of course too.
💥That's most definitely been one of the reasons we've seen this whole tank as they are selling those Bitcoins and that's no doubt impacting us, and with that you get retail investors as well as whales selling so it's no surprise to see this happen. It's to be expected but no doubt the move is perhaps bigger than some may have expected.
💥Still, when looking at the technical, we can see that XRP seems to have found support above 0.36 and that's most definitely what we want after all of this, we want it to avoid moving into that DANGER ZONE which is a zone that paves a bad path to that possible 0.35 mark which is in a big red line for a good reason that I'm sure you can guess, we don't wanna touch that let alone fall below it at all.
💥My biggest hope right now is that we can regain our 20 and 50 EMA's as well as form a solid bounce and prop up some support following the sell off that virtually struck the market. On top of that we know that Bitcoin miners sold up to 60% less in July signaling a bullish sentiment as the volatility of the market had been subsiding up till today that is of course, but you can only expect so much events like this, you simply gotta deal with them and use it to your advantage.
💥This could be the possible bottom we need to bounce off for a strong recovery though admittedly it won't be easy, we need this bounce and we've gotta keep a look out for those marked lines for possible price action as well as the EMA's of course too.
