🔥 Hello everyone! I haven't reviewed XRP because it's not the best token for trading. It's purely an institutional token.
But it's painting a very interesting picture. Let's take a closer look:
📊 XRP is trading in a key area of interest and is therefore currently sandwiched between two powerful levels: support at 2.08 and resistance at 2.31. In addition, the price has just broken out of a downward channel and needs time to consolidate above it.
During the last impulse, two gaps formed below: 2.14 - 2.07 and 2.25 - 2.16. And as we know, in 99% of cases, gaps close sooner or later.
XRP is now literally at a crossroads and needs a bullish catalyst to move higher. Because it doesn't need a catalyst to move lower.
⚙️ Metrics and indicators:
Volume - there is a slight divergence between sales volumes and price. But it is practically flat, which means that seller pressure is still high.
Money Flow - in strict harmony with the price. Money leaves during corrections and enters during growth. The asset is completely flat, awaiting news or activity in the market.
📌 Conclusion:
XRP currently looks as unattractive as possible for trades, which means it's the best time! The next direction of price movement will soon become clear, and it will be possible to open positions.
Personally, I am inclined to believe that in the short term, we will go lower, along with the entire market. We will fill the GAP's lower, we may test $2, and then we will go higher.
Also, don't forget that the deadline for XRP ETF applications expires in the summer. And the adoption of the ETF could be just the catalyst we need. And considering that this is an institutional asset:
➡️ as soon as inside information about adoption or non-adoption appears, it will be visible on the chart when all institutional insiders start taking positions.
➡️ XRP may see good liquidity inflows right away. No one is holding it as a semi-ETF, as was the case with Ethereum. No one will sell it.
So for now, I'm just sitting back and watching what happens.
Have a great week, everyone!
But it's painting a very interesting picture. Let's take a closer look:
📊 XRP is trading in a key area of interest and is therefore currently sandwiched between two powerful levels: support at 2.08 and resistance at 2.31. In addition, the price has just broken out of a downward channel and needs time to consolidate above it.
During the last impulse, two gaps formed below: 2.14 - 2.07 and 2.25 - 2.16. And as we know, in 99% of cases, gaps close sooner or later.
XRP is now literally at a crossroads and needs a bullish catalyst to move higher. Because it doesn't need a catalyst to move lower.
⚙️ Metrics and indicators:
Volume - there is a slight divergence between sales volumes and price. But it is practically flat, which means that seller pressure is still high.
Money Flow - in strict harmony with the price. Money leaves during corrections and enters during growth. The asset is completely flat, awaiting news or activity in the market.
📌 Conclusion:
XRP currently looks as unattractive as possible for trades, which means it's the best time! The next direction of price movement will soon become clear, and it will be possible to open positions.
Personally, I am inclined to believe that in the short term, we will go lower, along with the entire market. We will fill the GAP's lower, we may test $2, and then we will go higher.
Also, don't forget that the deadline for XRP ETF applications expires in the summer. And the adoption of the ETF could be just the catalyst we need. And considering that this is an institutional asset:
➡️ as soon as inside information about adoption or non-adoption appears, it will be visible on the chart when all institutional insiders start taking positions.
➡️ XRP may see good liquidity inflows right away. No one is holding it as a semi-ETF, as was the case with Ethereum. No one will sell it.
So for now, I'm just sitting back and watching what happens.
Have a great week, everyone!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.