XRP has to hold $ 0.75 if it doesn’t want to fall any further
XRP price remains under downward pressure despite finding temporary support in the critical region of $ 0.75.
XRP must be $ 0.75. keep
The XRP price action has returned to the support area previously tested in December. Bulls were able to bring XRP back from the $ 0.75 region to $ 1 but were unable to sustain that gain. Coincidentally, the sharp drop on January 5th is a full month since the December 5th flash crash.
XRP stays just above the make-or-break price range. There is little support between $ 0.75 and $ 0.65. The volume profile is noticeably slimmer. The next big support is the 50% Fib retracement level at USD 0.65.
The Relative Strength Index has plenty of headroom before it hits the first oversold level in a bear market (30). Likewise, the Optex Bands oscillator is not yet oversold; however, it is very close. The Composite Index also shows no significant divergences or extreme ranges that indicate a bullish reversal. Instead, all indicators signal further declines for XRP.
USDT daily Ichimoku chart. Source: TradingView
A factor can cause a bullish reversal almost instantly, based not on price action but on time. January 6th marks 120 days since the last high on September 7th, 2021. In Gann’s analysis, one of Gann’s annual cycles is a 120-day cycle. Accordingly, 120 day cycles often trend and should be viewed as the bottom of an opposing trend, especially if a bottom is found in a 90 day cycle.
In addition, January 6th marks 197 days from June 23rd, 2021, a low point and falls within a 180-day cycle of the year. Significant trend changes or corrective moves often culminate and reverse when significant highs or lows are found in a 180-day cycle (180-day cycles can extend to 198 days).
XRP’s failure to establish a clear bullish reversal before January 9th could mean that XRP is moving further south.
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XRP has to hold $ 0.75 if it doesn’t want to fall any further
XRP price remains under downward pressure despite finding temporary support in the critical region of $ 0.75.
XRP must be $ 0.75. keep
The XRP price action has returned to the support area previously tested in December. Bulls were able to bring XRP back from the $ 0.75 region to $ 1 but were unable to sustain that gain. Coincidentally, the sharp drop on January 5th is a full month since the December 5th flash crash.
XRP stays just above the make-or-break price range. There is little support between $ 0.75 and $ 0.65. The volume profile is noticeably slimmer. The next big support is the 50% Fib retracement level at USD 0.65.
The Relative Strength Index has plenty of headroom before it hits the first oversold level in a bear market (30). Likewise, the Optex Bands oscillator is not yet oversold; however, it is very close. The Composite Index also shows no significant divergences or extreme ranges that indicate a bullish reversal. Instead, all indicators signal further declines for XRP.
USDT daily Ichimoku chart. Source: TradingView
A factor can cause a bullish reversal almost instantly, based not on price action but on time. January 6th marks 120 days since the last high on September 7th, 2021. In Gann’s analysis, one of Gann’s annual cycles is a 120-day cycle. Accordingly, 120 day cycles often trend and should be viewed as the bottom of an opposing trend, especially if a bottom is found in a 90 day cycle.
In addition, January 6th marks 197 days from June 23rd, 2021, a low point and falls within a 180-day cycle of the year. Significant trend changes or corrective moves often culminate and reverse when significant highs or lows are found in a 180-day cycle (180-day cycles can extend to 198 days).
XRP’s failure to establish a clear bullish reversal before January 9th could mean that XRP is moving further south.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
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