Neither up, Nor Down, But Chaos
We're looking at XRP Day Chart with three Moving Averages. EMA 20, MA 50, and EMA 200. The EMA 200 explains exactly where we are at with XRP and, quite frankly, most of the cryptosphere as we know it.
Basically, in the long run, the market has not reversed from its downtrend yet. We do see strong support at 0.3 on XRP, so what we see next after XRP hits this support again should signal us on whether we will go high or low in the long run. In order for the market to reverse in the long run, XRP and its sister cryptos will have to break above the EMA 200. And for that to happen, ideally, it must be much closer to the other moving averages so it can lend support as prices move up and most of the energy is not spent trying to break through.
We may see several iterations of the price moving up and down at this stage. It's best not to expect new highs or new lows at this point, but rather react to the market based on day, 4hr and 1hr charts.
Basically, in the long run, the market has not reversed from its downtrend yet. We do see strong support at 0.3 on XRP, so what we see next after XRP hits this support again should signal us on whether we will go high or low in the long run. In order for the market to reverse in the long run, XRP and its sister cryptos will have to break above the EMA 200. And for that to happen, ideally, it must be much closer to the other moving averages so it can lend support as prices move up and most of the energy is not spent trying to break through.
We may see several iterations of the price moving up and down at this stage. It's best not to expect new highs or new lows at this point, but rather react to the market based on day, 4hr and 1hr charts.
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