Hey! Following up on our previous idea in which we noted how things would go and well it matched the arrows pretty well with us seeing that downward momentum once we fell back into the descending channel however some pretty wild buy volume has managed to push XRP back up to the 0.39 range with it almost falling below our sideways channel yesterday which of course would not have been pretty.
✅Right now what we're looking at is likely a pretty good battle of the whales/MM's as you can see how these large sell orders hit only for buy orders to come in as well, now they aren't as large as the sell orders on the scale but when the volume goes down like it does thanks to those sells, it allows you to shift the price more using a smaller amount thanks to the lower volume thus those bulls end up on the upper hand and are able to push us up the way they are doing right now even in the face of these large sell orders on behalf of another whale or a few that want to push things down. So what we're looking at is a battle as bears want to pull us further back down into this descending channel while Bulls want to pull us back out of the descending channel and back on a positive track.
🛑I've noted a trend line that seems to be starting to form which if the chart follows would send us out of this descending channel which we want of course, now while that's nice to see, if we fall below that likely we should expect some bearish moves to follow and volatility as the market will have to gauge again just what position XRP is in. 0.40 right now will be our resistance point to watch for and if we move back below 0.39 that'll be bearish so keep mind.
I'm gonna leave this here but keep that in mind and if you'd like read the previous linked Idea for more detail as always! Thank you so much and please feel free to follow and leave a like which helps motivate me to continue and do more which regardless I always will do and aim for! Have an absolutely amazing day and as always, be sure to do your own DD as well before making and trading decisions, thank you!
~ Rock
✅Right now what we're looking at is likely a pretty good battle of the whales/MM's as you can see how these large sell orders hit only for buy orders to come in as well, now they aren't as large as the sell orders on the scale but when the volume goes down like it does thanks to those sells, it allows you to shift the price more using a smaller amount thanks to the lower volume thus those bulls end up on the upper hand and are able to push us up the way they are doing right now even in the face of these large sell orders on behalf of another whale or a few that want to push things down. So what we're looking at is a battle as bears want to pull us further back down into this descending channel while Bulls want to pull us back out of the descending channel and back on a positive track.
🛑I've noted a trend line that seems to be starting to form which if the chart follows would send us out of this descending channel which we want of course, now while that's nice to see, if we fall below that likely we should expect some bearish moves to follow and volatility as the market will have to gauge again just what position XRP is in. 0.40 right now will be our resistance point to watch for and if we move back below 0.39 that'll be bearish so keep mind.
I'm gonna leave this here but keep that in mind and if you'd like read the previous linked Idea for more detail as always! Thank you so much and please feel free to follow and leave a like which helps motivate me to continue and do more which regardless I always will do and aim for! Have an absolutely amazing day and as always, be sure to do your own DD as well before making and trading decisions, thank you!
~ Rock
