XRP WEEKLY :22/12/20 The SEC won’t let me be...
Chart Analysis & Idea by CryptoNicho
XRP WEEKLY :22/12/20
The SEC won’t let me be...
Technical' s
15M: Bullish
1HR: Bearish
4HR: Bearish
Daily: Bearish
Weekly: Very Bullish
Monthly: Bullish
Overall: Bullish
Buy/Sell Wall:
Sells - $0.49 to $0.496
Buys - $0.481
Volatility: Extremely high, 13.5% movement range today.
Local Support: $0.437
Next Support: $0.407
Local Resistance: $0.511
Next Resistance: $0.583
Fundamentals:
- Spark Arirdrop - XRP demand spiked to receive Spark, after airdrop dump XRP sell off killed price - Extremely Bearish Short Term
- SEC to sue Ripple over sale of unlicensed securities - Potentially Extremely Bearish (& not just for ripple).
Personal Opinion:
The market is yet to respond to the news that the SEC is suing ripple over selling unlicensed securities. It appears that the agency is seeking to prove that ripple as a company issuing XRP is selling a share of stock within itself rather than a currency such as BTC or ETH. The ramifications of such a move are obviously enormous and we’ll wait to see how this fascinating case evolves.
Technically XRP still looks in good shape, a nice bullish symmetrical triangle forming on the daily chart and trading well above ist 200EMA.
It appears we found good support at $0.43 kicking the price back into the ranging triangle forming in which I’d expect to see it track until we see a break up to around 0.68, should the market turn bearish over the SEC announcement however then breaking the $0.43 could see a drop to the $0.22 levels last seen early November.
XRP WEEKLY :22/12/20
The SEC won’t let me be...
Technical' s
15M: Bullish
1HR: Bearish
4HR: Bearish
Daily: Bearish
Weekly: Very Bullish
Monthly: Bullish
Overall: Bullish
Buy/Sell Wall:
Sells - $0.49 to $0.496
Buys - $0.481
Volatility: Extremely high, 13.5% movement range today.
Local Support: $0.437
Next Support: $0.407
Local Resistance: $0.511
Next Resistance: $0.583
Fundamentals:
- Spark Arirdrop - XRP demand spiked to receive Spark, after airdrop dump XRP sell off killed price - Extremely Bearish Short Term
- SEC to sue Ripple over sale of unlicensed securities - Potentially Extremely Bearish (& not just for ripple).
Personal Opinion:
The market is yet to respond to the news that the SEC is suing ripple over selling unlicensed securities. It appears that the agency is seeking to prove that ripple as a company issuing XRP is selling a share of stock within itself rather than a currency such as BTC or ETH. The ramifications of such a move are obviously enormous and we’ll wait to see how this fascinating case evolves.
Technically XRP still looks in good shape, a nice bullish symmetrical triangle forming on the daily chart and trading well above ist 200EMA.
It appears we found good support at $0.43 kicking the price back into the ranging triangle forming in which I’d expect to see it track until we see a break up to around 0.68, should the market turn bearish over the SEC announcement however then breaking the $0.43 could see a drop to the $0.22 levels last seen early November.
