The price of XRP
XRPUSD
has likely fallen substantially in the past three days due to the major correction the cryptocurrency market has experienced throughout this week. The correction was caused by the rapid growth rate of the cryptocurrency market and leading cryptocurrencies such as Bitcoin, Ethereum and Ripple, that have demonstrated a substantial increase in value in the past month.
But after every correction, there's money to be made. This opportunity lies in front of us and can be very favorable for some of us. It seems that the market is done selling and will look to form higher swing highs.
Price is moving between the longer term support and resistance lines. And at the moment, the price is nearing the middle support line.
The descending trend line we broke at the beginning of October, has to hold the price. The ascending trend line has to support as well.
Furthermore, price has fallen in the 0.618 - 0.786 Fibonacci zone.
We expect to see the price hold around this zone and turn back to the 25 cent area.
Happy trading!
XRPUSD
has likely fallen substantially in the past three days due to the major correction the cryptocurrency market has experienced throughout this week. The correction was caused by the rapid growth rate of the cryptocurrency market and leading cryptocurrencies such as Bitcoin, Ethereum and Ripple, that have demonstrated a substantial increase in value in the past month. But after every correction, there's money to be made. This opportunity lies in front of us and can be very favorable for some of us. It seems that the market is done selling and will look to form higher swing highs.
Price is moving between the longer term support and resistance lines. And at the moment, the price is nearing the middle support line.
The descending trend line we broke at the beginning of October, has to hold the price. The ascending trend line has to support as well.
Furthermore, price has fallen in the 0.618 - 0.786 Fibonacci zone.
We expect to see the price hold around this zone and turn back to the 25 cent area.
Happy trading!