As we can see XRP is playing with the recent range levels. On both sides we can see the level touches: 1 touch, 2 touch, fake out on 3rd touch, back to range with force.
Not enough power to clear out the order book in the upper range, hence a heavy drop. On the downside of the range we have even more touches and the fakeout in the beginning. I applied the fibs according to the levels and ignored the first fakeout. I suspect price to breaking the lower level, taking it back into the 1.68 with a short term target of 0.000027 - more downside suspected. Very risky trade because of SWELL now, they could drop a bomb every second and make the price explode. Take care and have your stops.
Not enough power to clear out the order book in the upper range, hence a heavy drop. On the downside of the range we have even more touches and the fakeout in the beginning. I applied the fibs according to the levels and ignored the first fakeout. I suspect price to breaking the lower level, taking it back into the 1.68 with a short term target of 0.000027 - more downside suspected. Very risky trade because of SWELL now, they could drop a bomb every second and make the price explode. Take care and have your stops.
Comment:
That escalated quickly
Comment:
Can get pretty nasty, taking out half at 2706 and let the rest run freely.