XRP Daily | Keeping It Simple

Good evening my dear friends, time to visit another one more chart. I am trying to look at XRP on the daily timeframe since the previous chart is for the real long-term, a multi-year long perspective.

Here, the situation is much different but still, quite simple. So simple that I am sure you will be able to quickly relate and understand the signals I am about to detail.

Talking about detail, these are the details of this analysis.

We are looking at XRPUSDT. This is a descending channel drawn in orange. Bearish, as in lower highs and lower lows. Preceding the major drop leading to 5-August, we have an inverted hammer. The bounced after the 5-Aug. drop ended as a lower high. This confirms the persistence of the bearish bias; meaning, XRPUSDT continues bearish on the daily timeframe.

That's it. Keeping it simple.

Expect a lower low on the next drop compared to 5-Aug. The descending channel lower trendline can be used as a guideline.

Namaste.