XRP - Overbought, Supports broken. Time for a short?
Looking at XRP 8H chart, we see heavy resistance in the 25 cent range over the past while, keeping us in an upward channel.
We are currently overbought on RSI, and we just saw resistance at EMA 200, with shorter EMA's falling below EMA 200 currently.
Bottom support is already broken. Meaning potentially a large dump if it can retest lows.
This is happening during the BTC bullrun, which has been affecting other high cap coins heavily while XRP has seen modest gains at best.
I see downside from XRP soon, down to the next fib level potentially. Not much support there since the boom so could even retest the .19 range but we'll see when we get down there. Pretty straightforward short: BTC retests it's upper resistance, XRP is already starting to fail.
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We are currently overbought on RSI, and we just saw resistance at EMA 200, with shorter EMA's falling below EMA 200 currently.
Bottom support is already broken. Meaning potentially a large dump if it can retest lows.
This is happening during the BTC bullrun, which has been affecting other high cap coins heavily while XRP has seen modest gains at best.
I see downside from XRP soon, down to the next fib level potentially. Not much support there since the boom so could even retest the .19 range but we'll see when we get down there. Pretty straightforward short: BTC retests it's upper resistance, XRP is already starting to fail.
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. If you don't like it, then leave like but do it with anger; I'll be able to tell the difference. Feedback, criticism and crude humor are welcome 🤙😁
Come hang out with me on telegram, it's free and I won't be too mean too mean to you:
t.me/KadnimCrypto
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