📉 THE FALL. WHAT HAPPENED? 📉
📉 Hi, sure you guys are busy and all so I'll keep this idea short and yet important as usual, thanks for tuning in of course. Really do appreciate it as always.
📉 Seems XRP has been dragged down alongside Bitcoin and the rest of the market in a sort of 'buy the rumors, sell the news' event. It's nothing crazy considering we've seen this happen many times before but to see this kind off fall still is never easy to take in.
📉 In my previous idea I added this new descending channel that I had seen form and I did point out that we may end up getting rejected and dragged down further thanks to that channel which is exactly what's happened basically. If you compare the chart below from the previous idea to what we've got currently you can see that's indeed been the case.
📉 And here is the descending channel extended on the 30 minute timeframe:
📉 Anyway with us having been dragged down thanks to the channel and failing to regain our 200 EMA that helped clear the path for bears to drag us further down and ultimately break below our support of 0.56 and 0.55 which saw us even hit 0.526 at one point breaking through our horizontal levels down below as depicted:
📉 So it's not exactly like we've had any bad news but we haven't had any good news either and the fall was only intensified in due part to even more liquidations being executed as Bitcoin dropped out of the 45k point to the $41-42,000 range where it's fighting right now. This alongside the SEC v Ripple case still ongoing with a further developments of which can be read below in the linked article:
https://www.fxempire.com/forecasts/article/xrp-news-sec-v-ripple-case-heats-up-with-opposition-filing-1403687
📉 Investors are basically at a 'not sure' point from what I can tell right now, first thing is that we've been fighting to break back above 0.55 since our fall below thanks again to the descending channel so whether or not we can regain that will simply have to be seen but if we can't then expect a further drop and please pay mind to my horizontal levels in my charts. I haven't added any new levels in a few week and they still do the job just fine, here's more of the levels further below in case you guys would like to add them to your own charts.
📉 I'm leaving the idea there, good news is that we have indeed exited our descending channel so we don't have to worry as much right now with falling down further but the chance is still there, especially as investors grapple with Bitcoin's fall the past couple days since the ETF filings so we're on thin ice right now. I'm sitting and letting the river flow, setting an alert for 0.54 and 0.53 in case we do slip further down should we not regain that 200 EMA.
📉 Leaving the idea there for now but just know that whatever happens over the next few days will mainly be thanks to Bitcoin and XRP is simply going in flow with bitcoin much like the rest of the market is overall, we're use to this we've been here time and time again, and just like we've been here we'll manage and get through things and persevere. All that matters is how much will one has. Thanks for coming by as always, will definitely try to post more this month and ahead, so please keep tuned and feel free to follow and leave a like, really helps me out with these ideas, thanks so much and all the best till then.
~ Rock '
📉 Seems XRP has been dragged down alongside Bitcoin and the rest of the market in a sort of 'buy the rumors, sell the news' event. It's nothing crazy considering we've seen this happen many times before but to see this kind off fall still is never easy to take in.
📉 In my previous idea I added this new descending channel that I had seen form and I did point out that we may end up getting rejected and dragged down further thanks to that channel which is exactly what's happened basically. If you compare the chart below from the previous idea to what we've got currently you can see that's indeed been the case.
📉 And here is the descending channel extended on the 30 minute timeframe:
📉 Anyway with us having been dragged down thanks to the channel and failing to regain our 200 EMA that helped clear the path for bears to drag us further down and ultimately break below our support of 0.56 and 0.55 which saw us even hit 0.526 at one point breaking through our horizontal levels down below as depicted:
📉 So it's not exactly like we've had any bad news but we haven't had any good news either and the fall was only intensified in due part to even more liquidations being executed as Bitcoin dropped out of the 45k point to the $41-42,000 range where it's fighting right now. This alongside the SEC v Ripple case still ongoing with a further developments of which can be read below in the linked article:
https://www.fxempire.com/forecasts/article/xrp-news-sec-v-ripple-case-heats-up-with-opposition-filing-1403687
📉 Investors are basically at a 'not sure' point from what I can tell right now, first thing is that we've been fighting to break back above 0.55 since our fall below thanks again to the descending channel so whether or not we can regain that will simply have to be seen but if we can't then expect a further drop and please pay mind to my horizontal levels in my charts. I haven't added any new levels in a few week and they still do the job just fine, here's more of the levels further below in case you guys would like to add them to your own charts.
📉 I'm leaving the idea there, good news is that we have indeed exited our descending channel so we don't have to worry as much right now with falling down further but the chance is still there, especially as investors grapple with Bitcoin's fall the past couple days since the ETF filings so we're on thin ice right now. I'm sitting and letting the river flow, setting an alert for 0.54 and 0.53 in case we do slip further down should we not regain that 200 EMA.
📉 Leaving the idea there for now but just know that whatever happens over the next few days will mainly be thanks to Bitcoin and XRP is simply going in flow with bitcoin much like the rest of the market is overall, we're use to this we've been here time and time again, and just like we've been here we'll manage and get through things and persevere. All that matters is how much will one has. Thanks for coming by as always, will definitely try to post more this month and ahead, so please keep tuned and feel free to follow and leave a like, really helps me out with these ideas, thanks so much and all the best till then.
~ Rock '
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