XRP Fib with a Twist: September 9, 2021
Please see the original idea from September 7, 2021, linked below, to understand how I created the Fib Channels that we are working with here, which appear to be governing XRP's behavior.
The outlook for the rest of today remains the same as yesterday. XRP is consolidating within the fib channel, ranging $1.02 - $1.18. A break below $1.02 will see us testing the next fib channel level as well as the 0.236 fib tool retracement level. A clean break above $1.18 will see us head up into the next channel above with an upper resistance level of $1.29. Yesterday, I felt more strongly that XRP would trend lower and test the lower end of the channel, but the overall buy volume, general stabilization within the market, and fact that several altcoins are exploding has me feeling otherwise today. Nothing is certain but the stabilization and recovery for XRP was strong overall.
Bottom Line: Long term bullish, mid term bullish, short term wait and see today. A break below $1.02 may provide an excellent entry opportunity around $0.85 - $0.87.
The outlook for the rest of today remains the same as yesterday. XRP is consolidating within the fib channel, ranging $1.02 - $1.18. A break below $1.02 will see us testing the next fib channel level as well as the 0.236 fib tool retracement level. A clean break above $1.18 will see us head up into the next channel above with an upper resistance level of $1.29. Yesterday, I felt more strongly that XRP would trend lower and test the lower end of the channel, but the overall buy volume, general stabilization within the market, and fact that several altcoins are exploding has me feeling otherwise today. Nothing is certain but the stabilization and recovery for XRP was strong overall.
Bottom Line: Long term bullish, mid term bullish, short term wait and see today. A break below $1.02 may provide an excellent entry opportunity around $0.85 - $0.87.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.