XRP has had a bad year. Or three.
From all time highs, XRP has been on a seemingly never ending downtrend. I can't count the number of times I've been stopped out of XRP longs till I finally gave up and moved on.
The problem arose with exchanges offering 125x leverage to trade XRP. Given the ability to short XRP, whales made a killing off of shorting XRP, and it's still a whale controlled market. Add that to the fact that Jed McCaleb still sells shit tons of the stuff periodically, and you've got yourself the ultimate recipe for a never ending downtrend.
However, I bring good news.
XRP has held this level for over 6 months now. Anytime XRP goes below this support level it formed a year ago, it doesn't go below it. That means that there's a greater presence of buyers than sellers at that point. Which is terrific news.
I personally have up on XRP a few months back. I actually paid my last month's rent by shorting every single XRP bounce all month long on Bybit. But now I think the tables have turned.
Added to that, the weekly chart has been one huge descending triangle, whose downtrend line should be closed above on today's close(about 6 hours as at the time of writing this)
Once there's a retest if that line, and another weekly close above the line, I'll be longing my life savings into XRP.(Hopefully karma doesn't get me stopped out because of all the times I shorted)
For those that don't understand technical talk, all I'm basically saying is that next week is, by my definition, the optimal time to buy XRP.
As if that wasn't enough, it's monthly RSI has bottomed. That's right, no more downtrends.
XRP is so low in price and is super undervalued, but its price discovery is great. Once the general public catches on to this sauce, it should run like hell.
But patience is of the essence. If you don't see an entry trigger, don't take a trade. Simple as that.
Make sure to DYOR if you're interested in XRP, and remember that these are just my thoughts and NOT financial advice.
Thanks for reading.
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