XRPUSDT
Here is what I did, I plotted the Fib. retracement levels for the entire chart since the bear-market. The entire bullish wave from the June 2022 low all the way to the July 2023 high. The levels are shown on the chart.
This is long-term and these are strong levels and signals.
XRPUSD is trading weekly below 0.618 Fib retracement relative to the bullish wave just mentioned above, more than a year long. This is the blue line on the chart.
$Below this level/line, this pair's bearish potential is really strong and a crash can happen anytime. This support was lost last week. This level is set at $0.53952. To keep it simple, bullish above and bearish below. Or I should say, bullish potential is stronger above this line and the potential for another drop is more likely below it. XRPUSD is trading below.
The next support and level is 0.786 Fib. retracement with a price tag of $0.42848. This price range, resistance and support, has been valid since March 2023 and has been activated many times; will it break?
The chart says yes based on long-term bearish action; lower highs since July 2023 and support being challenged over and over. The more it is challenged, the weaker it becomes.
Recent action is coming out of a major lower high and trading volume is low.
The next level is 1 Fib. retracement but this is too low, we are likely to find support higher but the chart is saying down. Conditions for changed have been mentioned above (if XRPUSD moves above 0.53952 the bulls become action; bearish below).
Thank you for reading.
Best Regards, Trade Cryptocurrency
