XRP:USDT is not my favorite crypto I will admit to that.
Now we had a pretty impressive run after a long period of consolidation around 0.25 to 0.30
But after that run volume has not supported the move as we can see from the volume profile on the left of the screen, we had pretty low volume for such an impressive run.
That means few buyers willing to hold the prices higher, and as history shows, the massive amount of supply Ripple has made for quite hard retracements after periods of bullish uptrend.
I'm going with a classic Fibonacci retracement using the previous area of high volume consolidation as the start and the top of this bull run as the end.
This should be a good starting point for the retracement, I'm looking to reach at least 0.382 on the Fibb, but as we can clearly see that area doesn't have that much volume, so it could even be a half-decent support and the fall could continue even lower.
My Stop is pretty tight just to be sure, as these moves can also be pretty unpredictable.
Now we have to wait and see, I doubt buyers will step in considering the low volume and I don't think this bull run can continue unless we have a pretty strong move in the whole crypto market.
Now we had a pretty impressive run after a long period of consolidation around 0.25 to 0.30
But after that run volume has not supported the move as we can see from the volume profile on the left of the screen, we had pretty low volume for such an impressive run.
That means few buyers willing to hold the prices higher, and as history shows, the massive amount of supply Ripple has made for quite hard retracements after periods of bullish uptrend.
I'm going with a classic Fibonacci retracement using the previous area of high volume consolidation as the start and the top of this bull run as the end.
This should be a good starting point for the retracement, I'm looking to reach at least 0.382 on the Fibb, but as we can clearly see that area doesn't have that much volume, so it could even be a half-decent support and the fall could continue even lower.
My Stop is pretty tight just to be sure, as these moves can also be pretty unpredictable.
Now we have to wait and see, I doubt buyers will step in considering the low volume and I don't think this bull run can continue unless we have a pretty strong move in the whole crypto market.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.