XRP failed to find support at the trendline that appeared to be forming at 0.46 - however volume has fallen and momentum appears to be slowing just below this level. The big question is whether or not the 100% rally over the last week was a bear market rally, or the beginning of a new bullish move to higher levels?
If we are to see further gains we will need to see significant buying at these levels. With so much buying in the 50 to 60 cent range, we probably have a lot of weak longs in the market. All of this is potential supply, and if the price can't hold at current levels it may well retrace most of last week's rally. The level to watch is 0.434.
If we are to see further gains we will need to see significant buying at these levels. With so much buying in the 50 to 60 cent range, we probably have a lot of weak longs in the market. All of this is potential supply, and if the price can't hold at current levels it may well retrace most of last week's rally. The level to watch is 0.434.