💥 XRP SLIPS BELOW TEST, CONTINUED 💥💥 Thanks for joining in ladies and gentlemen, this is basically just gonna be a quick follow up, continuation from yesterday's idea henceforth the added on, continued to today's title.
💥In yesterday's idea we pointed out our target of crossing back above 0.688 and yet that failed to really come to fruition as we instead got resistance at 0.688 and reversed further with some more big sells sending us to 0.66 before finding what seems to be some support in the least. A lot of this can be attributed likely to the recent Fud from a judge's decision in refusing Terra's motion to dismiss the SEC's lawsuit against Terraform Labs even after XRP's decision from Torres.
💥Basically a New York US District Judge Jed Rakoff on Monday allowed the Securities and Exchange Commission to go forward with its case against Terraform Labs Pte and founder Do Kwon, while doing so, Rakoff said he rejected the distinction made in the Ripple case between public and institutional sales. Such has definitely diminished some moods but isn't really anything to be worried about. Like ripple's chief legal officer pointed out, the terra rulling has no impact on Judge Torres' classification of XRP as not a security so that's still gonna be solid as ever.
💥 Ripple already has expanded into other countries with easier UK, Europe, Singapore, Dubai and the Middle East, it's only a matter of time before we see what in store for the U.S, long run still positive as ever, though local we're still trading relatively sideways even after having falling out of our consolidation channel we have to admit price has done pretty well to keep up this high, long.
💥 Longer we can manage to keep above 0.65 the better things look at us regaining that 200 EMA, just like we can overextend in the uptrend, we can underextend in the downtrend: "Basically we get too far from the 200 EMA and have to rejoin it at one point or another" Whether or not that'll be sooner or later is up to the market and the goal that we keep above 0.66. Below 0.66 and we go into even further uncharted territory for the local likely extending further down to 0.56 or so.
💥 If XRP does come down to a point between 0.50-0.60 I'll be looking to possibly buy more, stack up. Sure XRP's had it's wild run up and it looks like we're losing that momentum and sinking and sure, but we already knew when the case was settled thing we're going to go up quick. What matters though is the reversal and how slow or quick it is. So far health wise, XRP has had a healthy retracement and such only gives us more room to the upside once we can regain that 200 EMA and XRP can start more of it's key projects in the U.S, especially now with the clarification on being a security or not.
💥 The gears on the clock are starting to move, and charts aside, I'm happy thinking about the big picture right now. No targets for today else than staying above 0.66, fall below and expect possible move to 0.56. I have to get going but woke up and wanted to get something out quick before I left, thanks for joining in and all the best, feel free to dm me any questions.
~ Rock '
