XRP got a little scare in the early hours, but luckily it didn’t turn into a loss.
At 1:50, Bitcoin took a dive, and XRP followed it out of the range. It hit a low of 1.2362, nearly a cent below the bottom of the range at 1.245, making it look like it was heading lower. But it recovered in less than an hour, and by a little after 4 it was back in the range. It’s now at 1.247U.
When the price breaks below a level but immediately recovers, that’s called a false breakdown. If there were really no buyers below, it wouldn’t have bounced back so quickly.
The 1.245 entry level we talked about last night did get pierced in the early hours, but the price was pulled back before it got very far. This trade is still on.
Today is the U.S. midterm election, and results will probably start coming in tomorrow morning. The reason the price has been grinding around in this range these past few days is that it’s waiting for this.
Big Brother’s outlook is still leaning bullish. If the price can hold around 1.245, you could consider entering; it won’t count as a breakout until it gets above 1.26. If it breaks below the 1.2362 wick from the early hours, stay away for now. #XRP $XRP
At 1:50, Bitcoin took a dive, and XRP followed it out of the range. It hit a low of 1.2362, nearly a cent below the bottom of the range at 1.245, making it look like it was heading lower. But it recovered in less than an hour, and by a little after 4 it was back in the range. It’s now at 1.247U.
When the price breaks below a level but immediately recovers, that’s called a false breakdown. If there were really no buyers below, it wouldn’t have bounced back so quickly.
The 1.245 entry level we talked about last night did get pierced in the early hours, but the price was pulled back before it got very far. This trade is still on.
Today is the U.S. midterm election, and results will probably start coming in tomorrow morning. The reason the price has been grinding around in this range these past few days is that it’s waiting for this.
Big Brother’s outlook is still leaning bullish. If the price can hold around 1.245, you could consider entering; it won’t count as a breakout until it gets above 1.26. If it breaks below the 1.2362 wick from the early hours, stay away for now. #XRP $XRP
