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XRP Technical analysis

Hello everyone welcome back to another update

That the level acted as a very strong resistance so of course as you guys know old resistance becomes new support but you can see instead we did end up losing that support level and broke below the nine exponential moving average, of course, this isn't something to be a surprise because of the fact of how extremely overbought we were with this massive short-squeeze opportunity that happened there is a ton of profit taking looking to happen of course as well as the fact that since we saw such an explosive move we had to see some sort of corrective movement before we saw that continuation and right now all eyes remain on the 20 exponential moving average

I'm paying attention to see what happens once we enter this 20 EMA if, of course, we end up retesting this level as support then we are looking for a stronger continuation to the upside but from a bullish case scenario it's going to be very important for us to try to reclaim the 75 cent support and use that level as support as well

you can see from the daily time frame, of course, this, of course, seems like a blow off the top with a very nice bearish engulfing looking to be formed but we have to be very very careful here much like we saw on Bitcoin and Ethereum we don't want to see something that goes straight completely up and then immediately sees that dump opportunity right back into the same lows that we saw last week looking at xrp over all those zooming out on the chart this of the course was a very nice resistance level that was tested here at 93 three cents you can see from previous price analysis this area had quite a bit of Confluence in it you can see that this level acted not only as resistance but as well as a very nice support zone

That's exactly where we were looking to take some profits because of the fact looking overall this was a nice inverse bar formation that did end up playing out

I do think that this was just more of a corrective move because of how far we were pushed toward the upside but if we do end up losing below the 20ma and retesting it as resistance that would be a very bad sign for xrp overall in that case that happens, of course, that means that we are looking for just another continuation to the downside this, of course, was just the xrp settlement news in turn for us to see that pump opportunity but I'm paying very very close attention to the 64 Cent range if we do end up bouncing above that level then that's going to be another buying opportunity to create that next wave towards the upside

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