Welcome to this update on the most accurate XRP analysis on TradingView :)
This is a follow up on my previous idea, which forecasted an XRP drop of 30% in the coming days, see previous idea at:
So far, XRP has dropped 12% from the previous idea's level, we have more to go ;)
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In this post I will be brief, because there is not too much to add to the analysis posted on the 5th October.
Here are some interesting facts:
* Marketcap of XRP on the 5th October was 21.2 billion US dollars *At the time of posting, the XRP price was 0.52 USD. *In the meantime, XRP has deflated by more than 12% (in 5 days ). *Current XRP marketcap is 18.5 billion US dollars (compared to previous 21,2) at the October 5. th -3.04% gives nearly 3 billion nominal loss. *Current XRP price is 0.463$ with a tendency to go lower.
IMPORTANT:
XRP is generally bearish .
Daily RSI indicates further downward momentum. Previous drop levels posted were (0.49 , 0.47. 0.44. 0.41 ...) 0.49$ and 0.47$ are passed (we had rebound on both of them (wink) hope you enjoy the accuracy). 0.44$ remains unchanged as 0.41$ along with new lows.
Most likely we will see further lows on XRP (as per chart decribed). Don't rush with rebuy (you saw yourself, had you rebaught 5 days ago you would have already lost more than 10%).
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Good call on XRPUSD and there may be potential gains as you have identified by going short. Currently price is approaching our first resistance at 0.4548, which is a horizontal pullback resistance, with a 23.6% Fibonacci retracement. RSI is also seeing a bearish exit and we could see a corresponding drop in price. If a corresponding drop does occur, we may want to take a look at the 0.3757 major support. It is a horizontal pullback support with 76.4% Fibonacci retracement. Excited to seeing how things develop.
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