XRP Primed for a retracement ! Short Squeeze incoming !
XRP has been battling with the 200 Daily MA and has shown strength in the short term.
Its structure is quite similar to what we have seen with July 2020 XRP Rally.
where XRP rallied to 200D MA ,got rejected came back down the range without breaching the previous low, consolidated there and went straight to it again and failed to close above it and next day candle following it came back down which was followed by a breakout in the xrp price chart.
XRP has played out quite similarly till now ! Is it gonna break this time also ? or some more consolidation is required ?
Personal Opinion : It will break this level in this week without requiring much consolidation.
Looking at the possible moves to the upside in case of a breakout !
It can retrace anywhere between 0.618 to 0.893.
Its hard to pick tops especially in XRP.
However looking at previous two instances where XRP broke the 200D MA it retraced to 0.893.
July 2020
Feb 2021
Is it gonna retrace to 0.893 this time also in case of a breakout ?
NFA!
Its structure is quite similar to what we have seen with July 2020 XRP Rally.
where XRP rallied to 200D MA ,got rejected came back down the range without breaching the previous low, consolidated there and went straight to it again and failed to close above it and next day candle following it came back down which was followed by a breakout in the xrp price chart.
XRP has played out quite similarly till now ! Is it gonna break this time also ? or some more consolidation is required ?
Personal Opinion : It will break this level in this week without requiring much consolidation.
Looking at the possible moves to the upside in case of a breakout !
It can retrace anywhere between 0.618 to 0.893.
Its hard to pick tops especially in XRP.
However looking at previous two instances where XRP broke the 200D MA it retraced to 0.893.
July 2020
Feb 2021
Is it gonna retrace to 0.893 this time also in case of a breakout ?
NFA!
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