ridethepig | XRP Market Commentary 2020.01.22
Updated
XRPUSD pulled back from the highs after a round of profit taking began across most cryptos with bids covering. The dips here in XRPUSD are likely to be shallow amid worries about missing the reflationary bounce, USD devaluation and search for yield. Expecting investors to continue building bullish XRP positions and putting hedges as we approach the highs in the jurisdiction.
Levels to track in XRPUSD: support 0.225 (Line in the sand) and resistance 0.25 followed by 0.27.
Overall, I see the case for meaningful XRP strength in 2020, but especially if considered versus USD, rather than EUR or GBP - maintaining longs will require patience and tolerance. Difficult to trade, for sure, but I still feel the bigger XRP risk lies to the topside.
This is a live example of destroying the defence:
Good luck all those buying dips in XRP .
Levels to track in XRPUSD: support 0.225 (Line in the sand) and resistance 0.25 followed by 0.27.
Overall, I see the case for meaningful XRP strength in 2020, but especially if considered versus USD, rather than EUR or GBP - maintaining longs will require patience and tolerance. Difficult to trade, for sure, but I still feel the bigger XRP risk lies to the topside.
This is a live example of destroying the defence:
Good luck all those buying dips in XRP .
Trade closed: target reached
Buyers taking full control in their jurisdictions as expected.
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