XRPUSDT: We Can Buy It At Lower Price

On the daily chart, we can identify a wide descending triangle pattern, where the highs, or the peaks, are getting lower and lower. This indicates a bearish structure as we can see that recently, the price has broken the 0.5000 support level .

We are currently not looking for any sell entries despite the fact that the price is trending down. The price has almost completed a 100% retracement from the previous high of 1.9600 level. Therefore, we are monitoring the market for potential buy opportunities at cheaper price.

Our first area of interest is in the 0.2500~0.3000 level, the consolidation area before an extraordinary bullish momentum took place. If the price reaches this level, then we believe that it will be a great value investment.

Comment:

For us to enter buy positions, we have to first see a consolidation/reversal pattern being formed (double bottom, an inverse head and shoulder, horizontal channel, etc). It is not formed overnight but rather takes a period of time. Then when the price breaks above the reversal pattern, we will look for buy entries.

A bearish trend will not shift into a bullish trend overnight (Very very very rarely) Currently, the price is in the bearish impulsive stage, making a new lower low. Therefore, any spike ups are just a part of retracement within the bearish trend.

Comment:

As we also stated in our SHIBUSDT analysis, we do believe that eventually, at some point in the future, XRPUSDT will retest the previous high of 1.9600 level