Today we have XRP/USDT on the 1h chart, a lot of individuals have asked my opinion about this cryptocurrency and I'd like to give you all a brief overview.
As you can see we have just experienced a move from 0.007 to 0.075 within just 11 days which is around a 1000% increase in price.
Currently, price is trading in between the 0.618 and 0.786 retracement levels, if we see a break of the 0.786 support level we may see a drop to 0.023 before find support again, thus providing an excellent opportunity to buy!
Now taking a look at the daily chart below, rippled has failed to consistently close above 0.012 although creating an all time high around 0.1 during February 2016. This month we have closed at 0.07 which is 5x the norm.
In addition, the market volume is through the roof as of March 2017, like many other cryptocurrencies.
The main purpose of this post is to highlight the key price structure within the market, refer to this chart whether you're going long or short.
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I'd just like to update you all on XRP as price is becoming very constricted, I see a move lower to 0.033 before finding support.
My long term outlook is bullish, it will moon within the next month but for now I see a short term decline.
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Price has now closed below the 0.786 retracement level, expecting further declines before the big move up.
@thoma55helby, don't see it happening so soon but there will be another move up in the near future :)
edcwb
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hey Lewis, tks for the chart!
I'm newbie in this thing, I'm learning a lot with you.
if is possible, I'd like to know what these levels, are they from Fibonacci? Thank you!
LewisGlasgow
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@edcwb, you're welcome! Feel free to check out this post explaining the use of Fibonacci retracements.