Over the last week we've all read the headlines about the compliant filed by the SEC against XRP. XRP's legal uncertainties have sent the currency/security spiraling downward, casting a shadow over its future as a viable currency. Many small investor have sold off their XRP assets, while others have made the decision to accumulate.
The following analysis shows XRP entering into a "pinch point" and likely to head into two directions #1 and #2. The XRP 2 HR chart shows XRP following the 1.382 fibonacci line (green) downward since 12/24/2020 towards the support zone (blue) at 0.26. XRP has shown a large amount of respect for this support zone (blue) since its' slowing of downward movement. We also notice the green trend line moving toward the "TARGET ZONE". All three indicators: 1) green trend line 2) green fibonacci line at 1.382 3) blue support zone at 0.26, in addition to the Bollinger Bands moving towards a "pinch point", suggest a massive change in price action. This can be seen at the "TARGET ZONE". There are two possible scenarios: #1 - Large bounce upward to 0.4000 or #2 - Dip towards 1.618 fibonacci line (yellow) at 0.20 - 0.18 where we will find support. Great opportunity for those willing to "risk it for the biscuit"; toss some biscuits in the oven and lets see if they cook!
Please trade cautiously as we near the upcoming "TARGET ZONE"
**For educational purposes only. Not trading advice. Please trade responsibly.**
The following analysis shows XRP entering into a "pinch point" and likely to head into two directions #1 and #2. The XRP 2 HR chart shows XRP following the 1.382 fibonacci line (green) downward since 12/24/2020 towards the support zone (blue) at 0.26. XRP has shown a large amount of respect for this support zone (blue) since its' slowing of downward movement. We also notice the green trend line moving toward the "TARGET ZONE". All three indicators: 1) green trend line 2) green fibonacci line at 1.382 3) blue support zone at 0.26, in addition to the Bollinger Bands moving towards a "pinch point", suggest a massive change in price action. This can be seen at the "TARGET ZONE". There are two possible scenarios: #1 - Large bounce upward to 0.4000 or #2 - Dip towards 1.618 fibonacci line (yellow) at 0.20 - 0.18 where we will find support. Great opportunity for those willing to "risk it for the biscuit"; toss some biscuits in the oven and lets see if they cook!
Please trade cautiously as we near the upcoming "TARGET ZONE"
**For educational purposes only. Not trading advice. Please trade responsibly.**