cryptosince1963

XRP - Overbought, Supports broken. Time for a short?

BINANCE:XRPUSDT   XRP / TetherUS
Looking at XRP 8H chart, we see heavy resistance in the 25 cent range over the past while, keeping us in an upward channel.

We are currently overbought on RSI, and we just saw resistance at EMA 200, with shorter EMA's falling below EMA 200 currently.

Bottom support is already broken. Meaning potentially a large dump if it can retest lows.

This is happening during the BTC bullrun, which has been affecting other high cap coins heavily while XRP has seen modest gains at best.

I see downside from XRP soon, down to the next fib level potentially. Not much support there since the boom so could even retest the .19 range but we'll see when we get down there. Pretty straightforward short: BTC retests it's upper resistance, XRP is already starting to fail.

--

I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.

If you like my analysis, then leave a like and feel free to follow for more free content. If you don't like it, then leave like but do it with anger; I'll be able to tell the difference. Feedback, criticism and crude humor are welcome 🤙😁

Come hang out with me on telegram, it's free and I won't be too mean too mean to you:

t.me/KadnimCrypto
면책사항

이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.