XRP retesting previous support: prepare for LONG
The live XRP price today is $0,90 USDT with a 24-hour trading volume of $4.008.592.011 USD, - 14,08% in the last 24 hours. Since the local top at 1.40$, price undergone a significant correction (-35%), which we were expecting after hitting multiple times upper level of Keltner channel.
The prognosis for the next days is still bearish as price has fallen under 20/50/100 days EMA and looks now ready to test the level of 200 EMA. Bearish fractal appeared, MACD is still bearish but RSI index seems approaching oversold area. Personally I expect the price to test 88-89 area as support (200 EMA) which could fail, determining a decrease up to 0.81-0.82 level, which represents the resistance oh 4h chart. This can be a good entry point for long position. Wait for confirmation of bullish fractal (red triangle) and a reversal in RSI trend.
POSITION: LONG
ENTRY PRICE: <0.83
TARGETS: 0.92 / 1.07-1.12 / 1.24-1.30 / 1.47 / 1.54-1.64 /
STOPPLOSS: 0.675
Keep in mind that altcoin markets are always strongly influenced by BTC performance, therefore after the BTC bearish divergence playing out we can expect another dump also for XRP, possibly TO $ 0.75 area.
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NOT FINANCIAL ADVICE
The prognosis for the next days is still bearish as price has fallen under 20/50/100 days EMA and looks now ready to test the level of 200 EMA. Bearish fractal appeared, MACD is still bearish but RSI index seems approaching oversold area. Personally I expect the price to test 88-89 area as support (200 EMA) which could fail, determining a decrease up to 0.81-0.82 level, which represents the resistance oh 4h chart. This can be a good entry point for long position. Wait for confirmation of bullish fractal (red triangle) and a reversal in RSI trend.
POSITION: LONG
ENTRY PRICE: <0.83
TARGETS: 0.92 / 1.07-1.12 / 1.24-1.30 / 1.47 / 1.54-1.64 /
STOPPLOSS: 0.675
Keep in mind that altcoin markets are always strongly influenced by BTC performance, therefore after the BTC bearish divergence playing out we can expect another dump also for XRP, possibly TO $ 0.75 area.
____________________________________
NOT FINANCIAL ADVICE
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