A simple chart break down of the current xrp price action/structure.
Over all we are bearish of course. After the markets across the board tanking after various news releases ect this is where we are at. Currently the way I see xrp is that its tapped into a major area of support at .52/55c. For me we barely dipped into this zone and I expect for us to push down further into this level. I also expect #bitcoin to fall further yet which will no doubt drag down the rest of the market with it. After we broke the $1 support we can see we've been putting in lower lows/highs with double top continuation patterns which of course is bearish structure.
As we stand our last major lower high was at around .80c. As i said in my btc breakdown im still bearish on any market structure untill we get a break and close above its previous lower high. This being said we could retrace slightly from here, put in a new LH and then dump abit further into our support level. Always remember the market sentiment never changes untill major key levels are broke whether that be bullish or bearish. (Break of LH or HL for reversals)
Watching this pair closely along with other to keep track of how we will go. Updates to come soon on youtube!
Over all we are bearish of course. After the markets across the board tanking after various news releases ect this is where we are at. Currently the way I see xrp is that its tapped into a major area of support at .52/55c. For me we barely dipped into this zone and I expect for us to push down further into this level. I also expect #bitcoin to fall further yet which will no doubt drag down the rest of the market with it. After we broke the $1 support we can see we've been putting in lower lows/highs with double top continuation patterns which of course is bearish structure.
As we stand our last major lower high was at around .80c. As i said in my btc breakdown im still bearish on any market structure untill we get a break and close above its previous lower high. This being said we could retrace slightly from here, put in a new LH and then dump abit further into our support level. Always remember the market sentiment never changes untill major key levels are broke whether that be bullish or bearish. (Break of LH or HL for reversals)
Watching this pair closely along with other to keep track of how we will go. Updates to come soon on youtube!