🔥 XRP LEFT THE DESCENDING CHANNEL 🔥
Hi! Hope everyone's doing well, if your a regular here then thanks for coming by as always, appreciate it!
🔥 In our last idea we highlighted that descending channel for XRP and pointed out that a lot of what would happen would be in correlation to Bitcoin as well as whether or not we exited the descending channel and that's basically it to keep things short and simple. We got that exit from the channel and since then this sort of ascending channel has formed which I've detailed with the dotted black lines.
🔥 That being said we have exited from the ascending channel and we see exactly what happened with that. We lost both the channel and the 200 day moving average thus we're close to retesting this support here ranging from 0.60-0.61 to gauge whether or not we can regain our footing or if we'll fall further.
🔥 Part of that will likely be on whether or not Bitcoin itself can keep itself grounded above $69,000. Here's the chart below for some perspective:
🔥 I haven't added anything, I've only extended the horizontal lines from the previous post so we're at this resistance point or pivot point right now as some may call it. If we fall back down below 69 I'd expect some volatile movements with a possible drop if we lose the 200 EMA on the lower time frames by which we could see another test of $61,500. After all, we can see that it already did one test of that level before rebounding and exiting it's own descending channel.
🔥 So definitely would recommend keeping an eye on that, it'll likely influence Ripple in the next few days as usual. As for economic events to watch for on the 29th, this Friday Powell will be speaking and we already know how that can sway the market so definitely watch out for some possible volatility depending on what Powell comments, speaks on or about.
🔥 Didn't want to make this idea too long but you get the gist, we're just at another pivot point and we've got these mini channels moving us up and down, nothing too crazy. And all this amongst the SEC asking the Judge to Fine Ripple nearly $2 Billion in the XRP case which alone as it is marks a crazy move by the SEC, they stay being nothing but trouble unsurprisingly. Here's the link to an article on that below:
https://news.bitcoin.com/sec-asks-judge-to-fine-ripple-2-billion-in-xrp-case-ripple-ceo-says-there-is-absolutely-no-precedent-for-this/
🔥 Any way I'm leaving the idea at that, there's no clear outlook on things as we're mainly waiting to see if BTC can sustain enough pressure and support to keep above that 69k mark again. I'll leave it there but thanks for coming by as always, really appreciate it you guys. Have a great day and see you all soon!
~ Rock '
🔥 In our last idea we highlighted that descending channel for XRP and pointed out that a lot of what would happen would be in correlation to Bitcoin as well as whether or not we exited the descending channel and that's basically it to keep things short and simple. We got that exit from the channel and since then this sort of ascending channel has formed which I've detailed with the dotted black lines.
🔥 That being said we have exited from the ascending channel and we see exactly what happened with that. We lost both the channel and the 200 day moving average thus we're close to retesting this support here ranging from 0.60-0.61 to gauge whether or not we can regain our footing or if we'll fall further.
🔥 Part of that will likely be on whether or not Bitcoin itself can keep itself grounded above $69,000. Here's the chart below for some perspective:
🔥 I haven't added anything, I've only extended the horizontal lines from the previous post so we're at this resistance point or pivot point right now as some may call it. If we fall back down below 69 I'd expect some volatile movements with a possible drop if we lose the 200 EMA on the lower time frames by which we could see another test of $61,500. After all, we can see that it already did one test of that level before rebounding and exiting it's own descending channel.
🔥 So definitely would recommend keeping an eye on that, it'll likely influence Ripple in the next few days as usual. As for economic events to watch for on the 29th, this Friday Powell will be speaking and we already know how that can sway the market so definitely watch out for some possible volatility depending on what Powell comments, speaks on or about.
🔥 Didn't want to make this idea too long but you get the gist, we're just at another pivot point and we've got these mini channels moving us up and down, nothing too crazy. And all this amongst the SEC asking the Judge to Fine Ripple nearly $2 Billion in the XRP case which alone as it is marks a crazy move by the SEC, they stay being nothing but trouble unsurprisingly. Here's the link to an article on that below:
https://news.bitcoin.com/sec-asks-judge-to-fine-ripple-2-billion-in-xrp-case-ripple-ceo-says-there-is-absolutely-no-precedent-for-this/
🔥 Any way I'm leaving the idea at that, there's no clear outlook on things as we're mainly waiting to see if BTC can sustain enough pressure and support to keep above that 69k mark again. I'll leave it there but thanks for coming by as always, really appreciate it you guys. Have a great day and see you all soon!
~ Rock '
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