XRP Breakdown - Ready for another run?
According to the “Crypto Fear & Greed Index”, investors have been in extreme fear for the past month. As Baron Rothschild is believed to have once said “Buy when there's blood in the streets, even if the blood is your own”. Here at Cryptonary, we believe in buying when others are fearful but we also ensure to back it with sturdy technical analysis.
XRP’s PA has recently crossed the $0.20 mark which caused a lot of investors to panic. By taking a step back, as always, and looking at the bigger picture, we can see a swing failure pattern on the XRP/USD pair which helped the weekly candle close above the $0.197 support level. This is likely to send the price towards ~$0.245, the next level of resistance.
Overall, the Total Market Cap and Bitcoin both had a bullish weekly candle closure which supports the current narrative seen on XRP. For further confluence, the XRP/BTC pair is currently at the 2500SATs support level, as can be seen on the chart on the left. Moreover, PA seems ready to finally cross the resisting counter-trendline which could ignite another alt-run.
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