XRP Weekly outlook
After having misread a significant play, I am focusing up on the weekly view of XRP which seems to have most major tells of what price is actually doing.
You can see that price has rejected a strong resistance at the yellow trend-line. That is also where the 61.8 retracement is on my fibonacci level. I previously thought it would hold for a buy, however price broke, and is continuing to make a pattern of LH and LL. This is my first bias for a dip past the 60 cent area of structure.
My second bias lives in the support (I incorrectly labeled it as resistance) that price is seeing on the RSI. Now I am not technically bearish because of this. Price often buys at levels of support...and it could also break. This is something that is more interesting to watch, and I don't think I can know more until price plays out further into the month of December.
That also lines up with the trend-line that began in December of last year, which has made a second-touch, and a third touch would be a strong indicator of a weakening bull run.
So it makes sense to wait for lower levels to get in.
However, I become extremely bullish at the 50 cent level. It's from there that a buy began and did not stop until it reached $1.50 and then began to retrace. There is also tons of bullish sentiment in the market on XRP, from it's widespread use in banks world-wide, the lawsuit looking like a stalemate, and use case being proven time and time again.
I also personally believe most holders in XRP have liquidated there shares at the $1.50 level and are looking for a 2:1 buy, and that happens at our 50 cent level.
Patience is the key in this race. For now, I am neutral, and wouldn't take any long-term positions, bearish or bullish, until more information is played out into the market.
You can see that price has rejected a strong resistance at the yellow trend-line. That is also where the 61.8 retracement is on my fibonacci level. I previously thought it would hold for a buy, however price broke, and is continuing to make a pattern of LH and LL. This is my first bias for a dip past the 60 cent area of structure.
My second bias lives in the support (I incorrectly labeled it as resistance) that price is seeing on the RSI. Now I am not technically bearish because of this. Price often buys at levels of support...and it could also break. This is something that is more interesting to watch, and I don't think I can know more until price plays out further into the month of December.
That also lines up with the trend-line that began in December of last year, which has made a second-touch, and a third touch would be a strong indicator of a weakening bull run.
So it makes sense to wait for lower levels to get in.
However, I become extremely bullish at the 50 cent level. It's from there that a buy began and did not stop until it reached $1.50 and then began to retrace. There is also tons of bullish sentiment in the market on XRP, from it's widespread use in banks world-wide, the lawsuit looking like a stalemate, and use case being proven time and time again.
I also personally believe most holders in XRP have liquidated there shares at the $1.50 level and are looking for a 2:1 buy, and that happens at our 50 cent level.
Patience is the key in this race. For now, I am neutral, and wouldn't take any long-term positions, bearish or bullish, until more information is played out into the market.
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