Around a week ago I made an analysis on XRP and the massive pennant in which it was trading.
A bounce from this area did indeed occur, but the market didn't follow through and XRP went down again. With today's bearish move it's likely that XRP will close the day below the support of the pennant, which could indicate more pain to come.
In case of a free-fall, I'm looking at the support zone to scout for a potential reversal trade. Keep an eye on this zone in case we drop further.
Happy trading!
A bounce from this area did indeed occur, but the market didn't follow through and XRP went down again. With today's bearish move it's likely that XRP will close the day below the support of the pennant, which could indicate more pain to come.
In case of a free-fall, I'm looking at the support zone to scout for a potential reversal trade. Keep an eye on this zone in case we drop further.
Happy trading!
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