With the fall of Bitcoin and a continuation of the bear market the decoupling of XRP and its place as 2nd largest crypto would appear to be one that will be short lived. On the daily chart XRP has produced a lower high, and as Bitcoin moves the majority of the market moves the case is not in favor of the bulls. All eyes on BTC and its movements to give us an overall indication for the alt market. With an expected capitulation dump for BTC in the works it seems likely that XRP could very well retest the lows at $0.24. This would present an excellent buying opportunity for a long to $0.45 that would yield significant gains if it plays out.
Without a clear, sustainable move above $0.52 long positions are not worth the R/R in XRP at this time. I will be looking to make entry on the retest of support levels much further down in the chart.
Without a clear, sustainable move above $0.52 long positions are not worth the R/R in XRP at this time. I will be looking to make entry on the retest of support levels much further down in the chart.