On the daily chart, we can identify a wide descending triangle pattern, where the highs, or the peaks, are getting lower and lower. This indicates a bearish structure as we can see that recently, the price has broken the 0.5000 support level .
We are currently not looking for any sell entries despite the fact that the price is trending down. The price has almost completed a 100% retracement from the previous high of 1.9600 level. Therefore, we are monitoring the market for potential buy opportunities at cheaper price.
Our first area of interest is in the 0.2500~0.3000 level, the consolidation area before an extraordinary bullish momentum took place. If the price reaches this level, then we believe that it will be a great value investment.
We are currently not looking for any sell entries despite the fact that the price is trending down. The price has almost completed a 100% retracement from the previous high of 1.9600 level. Therefore, we are monitoring the market for potential buy opportunities at cheaper price.
Our first area of interest is in the 0.2500~0.3000 level, the consolidation area before an extraordinary bullish momentum took place. If the price reaches this level, then we believe that it will be a great value investment.
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As we also stated in our SHIBUSDT analysis, we do believe that eventually, at some point in the future, XRPUSDT will retest the previous high of 1.9600 level
A bearish trend will not shift into a bullish trend overnight (Very very very rarely) Currently, the price is in the bearish impulsive stage, making a new lower low. Therefore, any spike ups are just a part of retracement within the bearish trend.