Ripple under 100 MA and Cloud, looking BEARISH
Shorting XRP:USDT as it's both under the 100 MA on the 1HR and under the Ichimoku cloud.
Also, we had a small plunge on the SP500 so we might have another COVID dump pretty soon in the stock market, that would mean coins like XRP would suffer a sharp sell-off.
XRP really does not have a strong volume to back this range and I firmly believe we are on the distribution stage before we experience a downturn fueled by a general bearishness in the world markets
XRP has consistently dumped on previous occasions as most of its supply is controlled by a single company that routinely takes massive profits causing strong downward movement in the market as they dump most of their own coins.
Based on all this I'm currently shorting and I expect we retest the previous range of 0.188 to 0.183, that might act as support, or we could even break down lower.
Also, we had a small plunge on the SP500 so we might have another COVID dump pretty soon in the stock market, that would mean coins like XRP would suffer a sharp sell-off.
XRP really does not have a strong volume to back this range and I firmly believe we are on the distribution stage before we experience a downturn fueled by a general bearishness in the world markets
XRP has consistently dumped on previous occasions as most of its supply is controlled by a single company that routinely takes massive profits causing strong downward movement in the market as they dump most of their own coins.
Based on all this I'm currently shorting and I expect we retest the previous range of 0.188 to 0.183, that might act as support, or we could even break down lower.
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