06/09/2023
XRP TECHNICAL ANALYSIS UPDATE. SEPT 6
In the aftermath of the recent downward movement, XRP experienced a recovery phase that allowed traders some breathing room. However, at this moment, XRP is breaking below the support trend line level that was maintaining its modest recovery, signaling an intention to continue the prevailing downward trend on the 4-hour timeframe. Our projected target for XRP remains lower, specifically at the first crucial support level of $0.4478.
With the support trend line level showing signs of giving way, the trigger for a short/sell trade is now activated. We are capitalizing on this anticipated 10% move towards the $0.4478 level. Our invalidation criteria are set at a limit order at $0.5172. If the price moves into this level, it would invalidate our idea, and we would reassess the situation accordingly.
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