Hi guys, I've seen a lot of ideas on the trading pair about going long at this level which may end up being good directions but XRP/USD to me doesn't look good. As you can see we are currently resting on the 0.786 fib for the entire December run up and just a little above the 200 MA. This region is also on the support line made by the wave 1's ATH so theoretically there should be A LOT of support in this region but looking at the volume that doesnt look to be the case. Any attempt by the bulls to defend this fib is heavily rejected as you can see in the circle.
With BTC only at 9k at the time of writing we can expect more downside pressure, once we hit that 7-8k target we can expect a fight on the 200MA which is worrying. In the event that BTC drops further down which is possible then we are in uncharted waters. Below 0.786 fib, below 200 MA with the potential for a 100% reversal of Ripple's December gains. I present this idea not to spread FUD but just to anyone who might try to catch this falling knife to be extremely careful.
TRADE SAFE
*This is not financial advice*
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Currently finding some support on 200 MA but the last btc drop to 7-8k will likely catalyse a break down. Hopefully for the holders we see strong buying volume at these levels.
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Lovely bounce to get back in my green zone finally some volume. Ripple survives for now watch but for bull traps people.
@WizardOfRealms, Definitely, didn't understand why people were saying buy a few hours ago, ripple will go down with btc, if btc isn't on a support yet off course it will drop more in this market.
rsatzerro
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well, XRP dip below .786 fib so are we jumping to 20c mark?
HyperionAllied
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@rsatzerro, still got the 200 MA if that breaks then i'm thinking the same.
FernandoMocer
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Well but what do you thing, after that fall I thing it will rise again, waiting to buy low
HyperionAllied
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@FernandoMocer, Most likely but it may take a while or some really positive news to bring it up quickly. I do hope so I love ripple made me a lot of money sad to see this happen.
FernandoMocer
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@HyperionAllied, Is not sad, it will rise and we will make more money!!! =)