$XRP Analysis: Today, $XRP broke through the $1 psychological mark. A return to 1.02 should not be interpreted as a recovery.
Spot price: 1.0204, down 1.97% in a day. The low was 0.9975, the first decline below $1 since mid-August and a new 60-day low. About 75% of clients held long positions, and the long/short ratio was 3.03. The volume of futures trading was approximately $851 million. I'm leaning bearish and won't be buying the drop because the level has breached and the longs are still so crowded.
Defense: 0.9975; resistance: 1.00/1.0439 (this morning's high); if price stays above 1.0439 on high volume, the bearish thesis is invalidated. Watch 0.9882 (the 8/17 low) below that.
There is risk involved in trading. Control the size of your own position. This isn't financial advice.
#Xrp🔥🔥
Spot price: 1.0204, down 1.97% in a day. The low was 0.9975, the first decline below $1 since mid-August and a new 60-day low. About 75% of clients held long positions, and the long/short ratio was 3.03. The volume of futures trading was approximately $851 million. I'm leaning bearish and won't be buying the drop because the level has breached and the longs are still so crowded.
Defense: 0.9975; resistance: 1.00/1.0439 (this morning's high); if price stays above 1.0439 on high volume, the bearish thesis is invalidated. Watch 0.9882 (the 8/17 low) below that.
There is risk involved in trading. Control the size of your own position. This isn't financial advice.
#Xrp🔥🔥
