Hi all! The XRP is traveling within an intermediate-term rising trend channel. It tested the top and has been moving lower ever since. The 7EMA support line failed to hold and the next logical support is at the 30EMA and 100EMA lines. In fact, it appears that volume is getting weaker as price declines.
"Volume leads price" is the saying we hear often in this business and there is a reason, because in most cases it is true. Low volume on a decline like we are seeing on the Ripple is very bearish, the MACD(bearish crossover on the card) starts really tanked which shows that volume is following this decline. Look for a decline to about @0.000068.
However, I think price will reach the lowest point and as a long-term trader, I try as best I can to avoid trading emotionally and instead focus on buying close to support lines where I can maximize reward potential and minimize risk.
ENTER: 0.000068
PT:0.00015
GL Traders.
"Volume leads price" is the saying we hear often in this business and there is a reason, because in most cases it is true. Low volume on a decline like we are seeing on the Ripple is very bearish, the MACD(bearish crossover on the card) starts really tanked which shows that volume is following this decline. Look for a decline to about @0.000068.
However, I think price will reach the lowest point and as a long-term trader, I try as best I can to avoid trading emotionally and instead focus on buying close to support lines where I can maximize reward potential and minimize risk.
ENTER: 0.000068
PT:0.00015
GL Traders.