Hi! Please leave a like and follow as it always motivates me to continue and supports me in my endeavors! In our last Idea we noted how XRP was being pulled back out of that descending channel but the risk still present being how close we we're to the channel and the fact that it is prevalent whales and MM were doing their best to bring us down which they've done.
🔎In the previous Idea I made note and put down a short trend line that was forming for XRP which if followed would have pushed it back out and on a good track. I noted though that if we fell below that trend we would see another fall and in this case that's exactly what happened. We saw XRP 'leave the mountain' (encircled in white) in which case the EMA's flip and your EMA's leave the chart much like a skier glides off a mountain before parachuting down. That was one aspect that contributed to our fall however this was obviously thanks to whales and MM's. You don't have to be a genius to take a look at the volume bars and realize. wow, that's a lot of selling'. XRP was on track as it was for a positive path up but MM's decided against that and instead sold on us selling hard enough to cause that EMA flip as well as putting us below the trend line by which then they gained control thanks to the loss of buying and investor support. That's what sent us down and has got us looking bearish right now as well as the fall through our sideways channel which was seen as another support zone that we've fallen through as well now. On top of that we also have moved back down into the lower half of our Keltner channel which is bearish till we get back into that upper half.
📌We also noted how moving below 0.39 would be that 'get out' zone for most investors as it now has us established at a lower low on the chart which of course simply isn't great to see at all. Now it isn't a new low compared to our fall at the end of May but regardless it isn't great to see. That hasn't been helped either by the Dow or the S&P 500 as they are falling today with the entire stock heat map showing red upon red as inflation fears continue with even Elon musk calling a halt to the hiring of staff and wanting to cut 10% of staff calling out a 'bad feeling' about incoming economy trouble. Basically the market's not feeling too well. Though all that considered this may not be such a bad time to buy either. That is if your going for the long haul of course at least right now or trying to DCA it'll help since likely we'll see that support kick in at 0.36-0.37. But I'm not gonna call a buy zone unless we see support, especially during a period when the market is looking at trouble still in sight.
I'm just gonna leave it at that for now since you guys understand as well I'm sure. Being as we got pulled below that sideways channel it's bearish unless we get pulled back into that or see some support hold us but otherwise be ready for a volatile week and as always make sure to leave a like and follow as it always helps me and keeps you guys posted! Have an amazing day and always be sure to do your proper DD and trade responsibly!
~ Rock
🔎In the previous Idea I made note and put down a short trend line that was forming for XRP which if followed would have pushed it back out and on a good track. I noted though that if we fell below that trend we would see another fall and in this case that's exactly what happened. We saw XRP 'leave the mountain' (encircled in white) in which case the EMA's flip and your EMA's leave the chart much like a skier glides off a mountain before parachuting down. That was one aspect that contributed to our fall however this was obviously thanks to whales and MM's. You don't have to be a genius to take a look at the volume bars and realize. wow, that's a lot of selling'. XRP was on track as it was for a positive path up but MM's decided against that and instead sold on us selling hard enough to cause that EMA flip as well as putting us below the trend line by which then they gained control thanks to the loss of buying and investor support. That's what sent us down and has got us looking bearish right now as well as the fall through our sideways channel which was seen as another support zone that we've fallen through as well now. On top of that we also have moved back down into the lower half of our Keltner channel which is bearish till we get back into that upper half.
📌We also noted how moving below 0.39 would be that 'get out' zone for most investors as it now has us established at a lower low on the chart which of course simply isn't great to see at all. Now it isn't a new low compared to our fall at the end of May but regardless it isn't great to see. That hasn't been helped either by the Dow or the S&P 500 as they are falling today with the entire stock heat map showing red upon red as inflation fears continue with even Elon musk calling a halt to the hiring of staff and wanting to cut 10% of staff calling out a 'bad feeling' about incoming economy trouble. Basically the market's not feeling too well. Though all that considered this may not be such a bad time to buy either. That is if your going for the long haul of course at least right now or trying to DCA it'll help since likely we'll see that support kick in at 0.36-0.37. But I'm not gonna call a buy zone unless we see support, especially during a period when the market is looking at trouble still in sight.
I'm just gonna leave it at that for now since you guys understand as well I'm sure. Being as we got pulled below that sideways channel it's bearish unless we get pulled back into that or see some support hold us but otherwise be ready for a volatile week and as always make sure to leave a like and follow as it always helps me and keeps you guys posted! Have an amazing day and always be sure to do your proper DD and trade responsibly!
~ Rock
