Hello Friends, Traders, everyone...
XRP Does not look amazing.
Our last analysis fell directly into the sell zone, breaking support and ruining any chance of going long.
Mostly, I am inclined to sideline on XRPBTC, preferring to trade BTC/ETH/LTC primarily, but this chart was requested.
I have added some basic descriptions of what I see when I look at XRP against Bitcoin.
We have support from the 2.618 Fib Circle, and the fib channel below. Unfortunately, XRP is caught in a large downtrend from resistance on the Speed Fan, a result of it's original parabolic move. (This is why movement like that is considered so unhealthy.)
We ARE still essentially recovering from the massive pumps XRP has gone through. All in all, nothing about XRP appears particularly healthy to me. Maybe later I will take a look at XRPUSD to see if it offers any clues.
Good luck, traders.
Previous analysis:
XRP Does not look amazing.
Our last analysis fell directly into the sell zone, breaking support and ruining any chance of going long.
Mostly, I am inclined to sideline on XRPBTC, preferring to trade BTC/ETH/LTC primarily, but this chart was requested.
I have added some basic descriptions of what I see when I look at XRP against Bitcoin.
We have support from the 2.618 Fib Circle, and the fib channel below. Unfortunately, XRP is caught in a large downtrend from resistance on the Speed Fan, a result of it's original parabolic move. (This is why movement like that is considered so unhealthy.)
We ARE still essentially recovering from the massive pumps XRP has gone through. All in all, nothing about XRP appears particularly healthy to me. Maybe later I will take a look at XRPUSD to see if it offers any clues.
Good luck, traders.
Previous analysis:
