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.
At the time of writing this article, the XRP is exchanging hands against the US dollar at the 0.55 zone.
The XRP managed to close a crucial daily candle at 0.57267 earlier today showing some signs of hope.
A beautiful crucial daily close on the XRP indeed just managed to hang on the life support!
Meanwhile, looking on the daily chart time-frame, the XRP remained bullish. Staying inside the flag pattern or symmetrical triangle formation.
The cross-border settlement digital asset is just hanging on the balance with some hours left before the Spark Snapshot to be scheduled tomorrow on December 12, 2020 at exactly 00:00 GMT. Confirming on the first validated XRP ledger at the said time and date.
Image courtesy of https://www.tickcounter.com/countdown/2260573/spark-snapshot-date
I lay-out 2 possible scenarios for tomorrow based on how I analyze the technical charts. Still hoping though for best of course but a breakdown or heavy sell-off is still imminent!
That would also give us a warning for an upcoming bearish signal heading towards as far as the 0.50 and 0.618 Fibonacci Retracement levels. But I highly suspect that the bulls or the buyers are waiting for these dips to happen. Again, we just hope for the better.
On the other hand of the story, if the bulls hold the current trading prices and push to break the nearest short term resistances found at the 0.60 price then at the 0.382, 0.236 and 0 Fibonacci Retracement levels, then we might find a massive breakout to the upside. Even a possibility of Fibonacci Extension levels heading towards the 0.90 and 1 dollar prices.
I would like to remind all my readers to please read again my disclaimer above! Anything I have mentioned here does not mean any financial advice and for entertainment or educational purposes only.
I do hope that you have enjoyed reading this technical analysis of mine.
Wherever you are right now, I wish you and your whole family are safe and sound amidst the on-going COVID-19 pandemic.
May the LORD Almighty God bless you in Jesus name!
God speed…
