#Analytics 🪙 XRP/USDT
In the analysis of three weeks ago on XRP, we painted a picture for a more medium-term perspective, forming the main thesis that this asset has been in an uptrend for a long time and XRP should continue to work, looking for entry points on corrections. So, is the current correction, which we see, enough?
It is worth recognizing that XRP is weaker than many other alts and bitcoin lately. Well, this is not surprising, as the asset is undergoing an adequate correction after the pampa. The whole dump has already corrected to 0.618 Fibo (in logarithm), but it can blow down to 0.786, so nothing surprising here.
We can see that a pretty good support was drawn in the area of 0.67, but it was not possible to start and move to a new growth spiral. Further, the level of 0.67 became a mirror level and sellers were actively selling there.
What about entry points?
Is there an entry point now? Specifically on the current ones - no. Let's consider entry points with the following initial data:
1) A close above 0.67 (green scenario). In this case, we break the mirror level of 0.67, break the local descending structure and go up to at least 0.72.
2) Reaction at the previous low ~0.60 (turquoise scenario), or a small break to remove stops. Quite an adequate option, which has the right to life.
3) Going to the big zone 0.58-0.55 (mirror level stretching back to December 2021), unloading the pump as far as 0.786 Fibo retracement and going up from there. This option is now feasible only with the help of bitcoin, when it decides to take out the support of 28600. If that doesn't happen - Ripple is unlikely to give such a correction on its own.
💡 We remind you that XRP is already in an uptrend in the medium term, so you should work with this asset from longing.
Ocean TA | Education | P2P | Indicators | All trade agreements
In the analysis of three weeks ago on XRP, we painted a picture for a more medium-term perspective, forming the main thesis that this asset has been in an uptrend for a long time and XRP should continue to work, looking for entry points on corrections. So, is the current correction, which we see, enough?
It is worth recognizing that XRP is weaker than many other alts and bitcoin lately. Well, this is not surprising, as the asset is undergoing an adequate correction after the pampa. The whole dump has already corrected to 0.618 Fibo (in logarithm), but it can blow down to 0.786, so nothing surprising here.
We can see that a pretty good support was drawn in the area of 0.67, but it was not possible to start and move to a new growth spiral. Further, the level of 0.67 became a mirror level and sellers were actively selling there.
What about entry points?
Is there an entry point now? Specifically on the current ones - no. Let's consider entry points with the following initial data:
1) A close above 0.67 (green scenario). In this case, we break the mirror level of 0.67, break the local descending structure and go up to at least 0.72.
2) Reaction at the previous low ~0.60 (turquoise scenario), or a small break to remove stops. Quite an adequate option, which has the right to life.
3) Going to the big zone 0.58-0.55 (mirror level stretching back to December 2021), unloading the pump as far as 0.786 Fibo retracement and going up from there. This option is now feasible only with the help of bitcoin, when it decides to take out the support of 28600. If that doesn't happen - Ripple is unlikely to give such a correction on its own.
💡 We remind you that XRP is already in an uptrend in the medium term, so you should work with this asset from longing.
Ocean TA | Education | P2P | Indicators | All trade agreements