XRP / TetherUSLong
#XRP Why is Ripple's Price So Low
🔸Ripple price is currently sitting at $0.4329, the lowest it's been in the last 3 months, the pair fell below the triangle pattern from $0.6135 to $0.4206, a 30% drop compare to Bitcoin's 16% rise during the same period.
🔹Much of the bearish momentum was in the result of The SEC rejecting Ripple's request to reconsider the $2 billion penalty, maintaining uncertainty in the XRP market.
🔸The almost $12 billion possible selling pressure that can come from the germen Government and Mt. Gox repayments have made traders more cautions which is also indicated by funding rate drop.
🔹On the technical side, the price is sitting at an strong support, if this support cracked sellers can push the price down to $0.3680, $0.3356 and $0.3013.
🔸Alternatively, buyers can use this support and possibly any positive fundamentals to push the price up to the 50 MA ($0.4923), the 200 MA ($0.5474) and $0.5827
Zanzibar Trading
🔹Much of the bearish momentum was in the result of The SEC rejecting Ripple's request to reconsider the $2 billion penalty, maintaining uncertainty in the XRP market.
🔸The almost $12 billion possible selling pressure that can come from the germen Government and Mt. Gox repayments have made traders more cautions which is also indicated by funding rate drop.
🔹On the technical side, the price is sitting at an strong support, if this support cracked sellers can push the price down to $0.3680, $0.3356 and $0.3013.
🔸Alternatively, buyers can use this support and possibly any positive fundamentals to push the price up to the 50 MA ($0.4923), the 200 MA ($0.5474) and $0.5827
Zanzibar Trading
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