What will happen to XRP? Must see.
Updated
My XRPUSDT chart doesn't have much to say apart from the fact that a channel and two zones can be identified, one on the main chart and one on the indicator.
The zone on the indicator indicates XRP former bull run which became overbought on the RSI. I believe part of what caused it was the consciousness of an upcoming flare network token airdrop named spark which was only available to XRP holders on the supported exchanges. As usual, there would be crazy adoption of XRP tokens that moment.
It is very obvious that XRP is gradually dumping due to sell offs after the snapshot of the airdrop which is yet to be distributed. I am convinced that people that got XRP since 24th November and are still holding till now hoping that there might be a slight pump are in loss.
There is a rumor going round that XRP's CTO demanded that billions of tokens should be burnt in order to prevent massive drop in price. If price breaks below its present support level, it may take a while for XRP to recover except a major event arises concerning it which is not also certain that it will affect price that much.
The zone on the indicator indicates XRP former bull run which became overbought on the RSI. I believe part of what caused it was the consciousness of an upcoming flare network token airdrop named spark which was only available to XRP holders on the supported exchanges. As usual, there would be crazy adoption of XRP tokens that moment.
It is very obvious that XRP is gradually dumping due to sell offs after the snapshot of the airdrop which is yet to be distributed. I am convinced that people that got XRP since 24th November and are still holding till now hoping that there might be a slight pump are in loss.
There is a rumor going round that XRP's CTO demanded that billions of tokens should be burnt in order to prevent massive drop in price. If price breaks below its present support level, it may take a while for XRP to recover except a major event arises concerning it which is not also certain that it will affect price that much.
Note
So that is the end of my analysis. I usually do this on my telegram channel to help fellow traders take appropriate decisions in the market. Link to my channel is t.me/markettfanalysis.Don’t forget to also leave a comment below. Thank you.
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