A weekly XRP candle was closed at a price of $ 0.3059. Sellers tried to break through the triangle formed on August 13, but all this was happening on small volumes and buyers managed to keep the price inside the triangle. However, I do not see a big desire for buyers to buy this coin at current prices. If you analyze the 4h timeframe, you can see that the price is on the trend line and is traded on small volumes:
After purchasers attempted to grow on December 30, I did not notice new buyers activity that could give hope for continued growth. Therefore, at this time, it is very likely that sellers will be able to break the triangle down. Moreover, I think that for BTC there is still a potential to continue falling to $ 3230-3330.
Despite the apparent weakness of prices, buyers do not close their margin positions:
Sellers’ margin positions continue to be in consolidation, but at the moment they are decreasing:
If you analyze the XRPBTC, then it’s clear that now the price is at local highs:
Now the price is under the main volume, and if buyers do not correct the situation this week, this coin can continue to fall very aggressively.
According to the wave analysis, correction is now complete after the growth of September 18th. The critical point for this coin is $ 0.294. If buyers keep this price, then the wave is Y-0.618 * W. After that, aggressive and strong growth with large volumes should begin.
If this does not happen and buyers will not be able to hold $ 0.294 – the next stop of this coin may be at a price of $ 0.246. However, now very small volumes and the price can shoot in any direction. So far, the price is on the verge of continuing the fall. I think during the week the situation will become clear.
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