Another one from the heavy liquidation series: look at this 1h chart of $XRP .
The asset made an absurd spike up to $1,7010, but the sell-off came just as fast, wiping the order book all the way down to the $1,3616 low. Nearly $5 billion in volume trading over just the last 24h.
Now the price is trying to catch its breath and hold in the $1,5029 area (+8.95% today).
Upside target: It has to break through the $1,5600 - $1,6000 range with force in order to negate that selling pressure.
Downside risk: If it loses the $1,4500 support, the path is clear to test the $1.36 base again.
After a wick like that, the market usually gets dangerous and directionless in the short term. Better to be patient and not trade on emotion.
The asset made an absurd spike up to $1,7010, but the sell-off came just as fast, wiping the order book all the way down to the $1,3616 low. Nearly $5 billion in volume trading over just the last 24h.
Now the price is trying to catch its breath and hold in the $1,5029 area (+8.95% today).
Upside target: It has to break through the $1,5600 - $1,6000 range with force in order to negate that selling pressure.
Downside risk: If it loses the $1,4500 support, the path is clear to test the $1.36 base again.
After a wick like that, the market usually gets dangerous and directionless in the short term. Better to be patient and not trade on emotion.