🔥 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:
https://techcrunch.com/2024/01/31/hackers-steal-112-million-of-xrp-ripple-cryptocurrency/
🔥 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 '
🔥 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:
https://techcrunch.com/2024/01/31/hackers-steal-112-million-of-xrp-ripple-cryptocurrency/
🔥 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 '