Sunday, December 18, 2022 2:20 PM EDT
It was another one of those Saturdays. Crypto was seen selling off in overnight trading (from Friday to Saturday), like we have seen so many times before since December of last year. It’s frustrating for crypto investors because it often occurs during low liquidity moments.
Consequently, many tokens tend to sell off rather hard (much harder than BTC at least). XRP, however, did hold onto its secular support level. Our XRP forecast 2023 and other crypto predictions are undergoing another thorough test as we speak.
Crypto events in 2022 have been a true roller-coaster, which is probably an understatement. It might seem as though it was a long time ago, but it was just seven months ago when Terra Luna went from a ‘valuation’ of $36 billion back in March of 2022 to less than $50 million in a matter of weeks.
Similarly and more recently, the FTX drama resulted in an identical devaluation drama. It’s just that FTX is technically bankrupt while Terra Luna Classic is still up and running. Incredible.
Binance is under scrutiny right now, and fear, uncertainty, and doubt have been running rampant, which may or may not be justified. The world will know soon enough. This is the ideal environment to attack the crypto space and push on the short side. That’s what happened in overnight trading: BTC and ETH got sold heavily in a low liquidity environment.
If we look at XRP specifically, we can see that its price came down to secular support around $0.34. As seen on the chart below, the recent support level coincides with a long-term rising trendline.
Interestingly, the bull run of September might morph into the center part of a bullish 'W' reversal. The first part of a potential 'W' structure was printed in the period of May through August.
Stated differently, if this current level holds on during a three- to five-day closing basis, it might qualify as a long-term bullish pattern. It may be hard to believe, but it's true.
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Please also read out recent writings about XRP: XRP: A Giant ...
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Please also read out recent writings about XRP: XRP: A Giant Bullish Reversal, Among The Most Bullish Long Term Crypto Charts and XRP Is ‘Back In Business’ And It Is Fundamentally Stronger Than Ever Before.
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$XRP-X is the only chart you need to understand.
No it’s not lmao 🤣 Bearish.