In this article we are going to discuss two major events of the day. The first will be related to the mild pump caused by the hype around XRP on Social Media. The second will be related to Bitcoin, we are going to discuss Bitcoin on daily timeframe, considering that this information may be important for the next Bitcoin move in the next 3-10 days, being considered as a swing trade.
XRP
A Telegram group of more than 200000 users, predetermined the exact time and date of what they thought to become one of the biggest pumps in the history of all cryptocurrencies, little did they know that since the decision was taken, thousands of traders started buying XRP before the determined date, hoping to achieve even more profits than other traders who will enter this pump at the exact price. In continuation we will present the latest data of today's market regarding XRP.
Price: 0.3857$
24h low/ 24h high: 0.3723/0.7448$
24h Trading Volume:$35,386,077,636.51 30.61% increase observed.
Total Supply: 100000000000
Circulating Supply:45,404,028,640 XRP
The missing part of the total supply is until this moment held by founders of Ripple Lab and other corporations in partnership with Ripple.
On the 24th of November 2020, XRP broke out of all major resistances, almost achieved 0.78$, even more than the price caused by the hype in the last few days. Orders of selling around 0.70-0.80 have been placed for months from people who have bought XRP on November. Also the moment the sell off began, panic sell orders were placed to take XRP back to it's previous price with a drop of almost 55%.
This chart represents 1hr timeframe chart of XRPUSDT. In this chart you can observe the green trend line, once the trend line that was supposed to act as a support was broken, XRP went in few minutes to test the next support line of almost 0.46$, this was the crucial level we were talking about in our previous articles. Traders tried to hold this level and reclaim 0.46$ zone but failed and the hourly candle closed below the support line leading XRP to dip even more, one more support line is important to hold of 0.332$
BITCOIN
In this part of the article we will talk about latest price of Bitcoin, possible move in the next few days. The chart that we are going to share represents BTCUSDT on daily timeframe. But yesterday Bitcoin was able to hold 32300-32500$ levels, considering this area as an accumulation zone, broke out and failed to break though 34500$ resistance level.
This chart represents the daily candles of BTC, you can observe that since before of the ATH, BTC have been trading in the symmetrical triangle, but in this case in order to go back to 20000$ levels, Bitcoin is supposed to break 3 important supports of 32476$, 31103$ and 29389$. But in order to break on the upside, Bitcoin must break through the triangle facing the first resistance of 34454, then testing 36519$.
In the case of a break to the upside, using specific measurement of this shown triangle, the break to the upside will eventually lead us to reach a new ATH setting 47000-48500$ as a target. But a break to the downside may lead us to even trade below 25000$ levels.
This was a brief Technical Analysis for Bitcoin and XRP, please remember to trade wisely.
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