XRP/USD - Weak rally back to 30 then down we go again
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The levels I had in place for XRP for Bybit exchange were dead on. It would have made an excellent short...
As expected, eventually the support was eaten up and it collapsed out of the range it's been in for some time now, as some good traders said, it wasn't unlike BTC at 6k in 2018.
This is where things get interesting, XRP is now reacting to the levels set back in 2017 before the euphoria pump.
I have a feeling it will rally back to local resistance and then collapse further. May open a short if it gets even close to the 30 mark as this * will not * be reclaimed for at least a few months (unless we get alt season).
As expected, eventually the support was eaten up and it collapsed out of the range it's been in for some time now, as some good traders said, it wasn't unlike BTC at 6k in 2018.
This is where things get interesting, XRP is now reacting to the levels set back in 2017 before the euphoria pump.
I have a feeling it will rally back to local resistance and then collapse further. May open a short if it gets even close to the 30 mark as this * will not * be reclaimed for at least a few months (unless we get alt season).
Note
Note: I actually had this as a live trade on Bitmex Testnet and made a 55% paper profit, so there ya goNote
Seems to be playing out so far...Note
I was broadly correct about this.
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