DISCLAIMER: I am not a financial advisor. All contents on this blog are solely my own personal views and for Cryptocurrency Trading education/entertainment purposes only. Cryptocurrency Trading is very risky. Losses can exceed deposits. Enter with discretion.
Images courtesy of kym-cdn.com and xrpvi.be
I have been closely following XRP price lately since it has initiated its latest price pump last October 4, 2020 which I keep on mentioning in my recent articles.
Overall, the price of XRP in the last 2 months, that is from August and September combined, has been on a free-fall and in sideways. Noting a special mention in the month of September alone dropping at least 5 heavy sell-offs in the XRPUSD price chart.
I strongly believe that analyzing and reading the trading charts not only in crypto markets like XRP as well as the rest of the world markets like the stocks, indices, commodities, precious metals and more are detrimental or extremely crucial as prices in the markets are very volatile.
We must at all cost preserve our capital and minimize inevitable losses than pursuing profits. Although every trader aims to make profits but the latter I mentioned is more important. Charts are our friends; they can tell a lot of things like the price movements and volatility which I prefer by reading daily candles. I like to read intraday candles as my day-to-day basis in analyzing what might happen in the XRPUSD price in the upcoming trading sessions.
No matter how strong the fundamental news around, the hard fact is it will not guarantee or secure the prices may go up. Like in the case of XRP as an example which I did all the needed research I could, but honestly, things are not going according to plan. The price of XRP is still trading around 0.24 cent level from the time of writing this article which is a big joke for me if we compare it from its previous and only all-time high price at $3.84 last January 4, 2018. It is only 6.25% not even close to 10% compared to most other Cryptocurrencies like the King coin Bitcoin which is at least right now sitting above 50% below from its all-time high.
In general, the global sentiments for Ripple Lab’s native cryptocurrency are mixed with lots of controversies to mention.
XRP is tanking
When I use the word “tank”, I describe it like the literal tank we see in war movies which slowly moving, holding its feet on the ground. Tanking for me is just like a price consolidation where the trading prices and volumes are closely trading with minimal volatility when we try to see the resistances and supports playing with each other. Spreads are getting narrower which is a good indicator of a tanked price.
Amidst XRP price may plunge anytime below the 200-day SMA at 0.22300+ cent level, I cannot deny the XRPUSD statistics today. It is very trading in a close-tight range with minimal price volatility.
It is on a tank mode as volatility price ranges are squeezing tightly:
· Near-term resistance barrier at 0.26+ cent level
· Near-term support line at 0.23200 which if things go unwell, sell-offs may go deeper into the last wall of defense on the 200-day SMA.
Few months ago, this near-term support level which is at 0.23+ cents is the resistance. Right now it became the much needed support. So these price rejections at 0.26 cent level must be broken and hopefully turn into a support. Once this happens, XRPUSD next price stop will be the 0.32+ cents level which is the hard resistance on XRPUSD most bullish month run July 2020 if we try to review the said month's price actions.
If ever things turn ugly for the XRP price hitting below the last support line in the 200-day SMA, then sorry folks, I will make an exit for all my XRP holdings. I just cannot bear more beatings below that as I am only poor average Joe like everyone else.
XRP must make a fresh rally to the upside
XRP always follow Bitcoin’s price action shadows. If BTC price go up, XRP will go up too as well as the other alt-coins in the crypto markets. The reversal in Bitcoin’s price is also true for XRP’s price movement case. Bitcoins is of course a lot more valuable than XRP in plain truth.
To close out this article, I speculate that buyers must continue to push XRP’s higher again for a fresh re-test on the 0.26 cent resistance. Like I have mentioned in my previous articles, over and over the rejections are overwhelming on this price level which exhausted the XRP buyers. The last 3 dates from October 14 to 16, 2020 sell-offs are not lying to the teeth.
We will see what will happen as I strongly believe that XRP has still something left in its sleeves. Who knows, we may be seeing a fresh rally as we go ahead over Monday when the normal world markets re-open.
XRP must go on with the show. Prove your internet-of-value worth to the world!
Once again, please read very closely my disclaimer above.
Wherever you are in the world right now, I pray that Almighty God the Father protect you and your family always through the blood of His Son Jesus Christ our LORD.
I do hope you have enjoyed reading this article. Please free to comments for any corrections you may find.
God bless and stay safe! :-)
