As already forecasted in my previous post,
XRPEUR
had a chance to break out of the bearish trend. And I'm happy to report, this has happened today!
There is still some resistance ahead of us and time will tell wether or note we'll be able to break it. The first one is around 1,11 EUR, which caused it to trend sideways last week. It also aligns with the purple EMA 50, and the 78.6% retracement line. With the current movement, I expect it to reach that level within the next 24 hours.
Good news is, as long as it doesn't fall back to under the previous trend resistance line, the way to 1,47 EUR is open again. But the next couple of days have to remain cautious.
As with all crypto,
XRPEUR
will remain fragile to FUD as you can see that the news of the Korean government has heavily broken the trend line on the 15th of Jan, only to have it recover 3 days later back into the same bearish trend pattern.
XRPEUR
had a chance to break out of the bearish trend. And I'm happy to report, this has happened today! There is still some resistance ahead of us and time will tell wether or note we'll be able to break it. The first one is around 1,11 EUR, which caused it to trend sideways last week. It also aligns with the purple EMA 50, and the 78.6% retracement line. With the current movement, I expect it to reach that level within the next 24 hours.
Good news is, as long as it doesn't fall back to under the previous trend resistance line, the way to 1,47 EUR is open again. But the next couple of days have to remain cautious.
As with all crypto,
XRPEUR
will remain fragile to FUD as you can see that the news of the Korean government has heavily broken the trend line on the 15th of Jan, only to have it recover 3 days later back into the same bearish trend pattern.
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I'm expecting a downward motion as a short break before we can move on beyond 1,13.
If the bulls can win this resistance then we're looking at new heights in the next couple of days, and hopefully even a new bull run.