Welcome, friends, to this update analysis on Ripple! Looking at the four hour chart, you can see that the rising , which originates at the start of the rally to the all-time high, has been broken! This is something that I expected to occur, and it is a red flag warnin, for people who are holding XRP. Actually, if you look at the chart, you can see that my "Don't Say I Didn't Warn You" post, was the real warning. It literally came three weeks ago, but who cares about what I have to say? I'm just some egotistical maniac with a poop emoji. What do I know?
If you recall from my previous post, I said "Price is currently finding a bit of support off of a rising (teal dots,) which originates at the beginning of the rally. If you look closely, you can see that the current candle has pierced this rising — weakening it as a . If XRP continues to break below that level, the dark blue will be the next level of support."
As you can see, the level that I mentioned was broken, and XRP is now sitting on the dark blue — magical. Looking at the dark blue , we can see that the current candle has actually pierced it, weakening it as support. I'm now going to pull a quote from an old analysis, so you can really see how much of a beast analyst I am...
"A 7th test of the rising blue seems imminent. That level is a door that XRP has kicked six times now. The 7th kick, may be the one that knocks down the door...You may not realize it, but XRP is setting up (structurally) to decimate the long term holders"
So, here we are. I wonder how long it will be, before I'm writing a similarly boastful post, and XRP is hitting my Symmetrical Triangle Target. I doubt it will be much longer.
Looking at the , we can see that it's expanding to the downside, indicating increasing sell-side pressure on XRP. Red is also on the rise. You can see that there are a couple of small support levels below us, one of which is the 786. If we break below that, XRP should scream down to my Symmetrical Triangle Target. On the upside, it is possible that we turn higher, to test the teal dotted , and confirm it as overhead resistance. Either way you slice it, the bears have sunk their claws deep into this market. Prepare for lower prices.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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