XRP Fresh View (Based On The Daily Chart Only — 3.3 Min. Read)

2 agoSo this is the one...

I looked at the chart first and immediately wanted to project my own thinking into it; like I couldn't read it but instead would start thinking what "ought to happen" based on pre-conceived ideas. I know you guys like these analyzes so I closed it and promised to revisit again.

I am back and we will focus on the daily timeframe. Later on we will look at the long-term timeframe.

➖ We will ignore all the trade-ideas of the past and develop a new market perspective.
➖ We will look at XRPUSD in isolation, what is the chart saying?

We have a clear bounce after a lower low. A natural market reaction.
This bounce leads to a lower high and now we have high bearish volume.

👉 Short-term it is looking bearish, it is that simple.

For this chart setup to become invalid a move and close daily above the 31-July high (0.658) would be necessary. Any trading below this level and the bearish bias is active.

This is only short-term. I don't think we have to worry much about the bears... It is all coming to an end.
We are in August now of the year 2024 and only a few months left for selling.

After the final selling frenzy we will have sustained, long-term growth; and this is what we've been waiting for... Thanks a lot for your support.

Namaste.

5 ago

Commento

The first target has been hit. With so much bearish momentum, the next target can hit easily as well.