Hi all, I hope you all had a great time this week while we are approaching the new year. We had a challenging journey in 2022 in terms of everything, and we are all exhausted.
The good thing in crypto is that we had a very long time to correct the previous bull runs, and as I always mention, these days are coming to an End.
I can hear how you feel and, of course, the naysayers. But believe me or not, these feelings were always the same for Crypto when we were right before the great bull runs.
Let's check out our precious XRP performance.
1. XRP Daily Time Frame
XRP is still proceeding in a narrow band between $0.55 and $0.33. We have repeatedly mentioned that the $0.33 is highly important while working as a support or resistance.
As highlighted below, we may see it working as support shortly.
On the other hand, our current support (In green colour) since mid-June is in play to defend this area.
When we look at the RSI, it clearly indicates we have had a downtrend since September. The RSI resistance in the above chart reaches the oversold area in the daily time frame. As long as XRP maintains the $0.33, we can see $0.45 levels again. And we we will be able to RSI resistance break afterwards.
It is also apparent that XRP is under the Ichimoku Clouds. We must see it above the clouds to talk about a reversal.
2. Conclusion
XRP is in the oversold area and above the support line in the daily time frame. This could be a reversal point for XRP in the coming days. However, please don't forget that we are still in the correction of Wave C, which is not yet invalidated. We will start the 3rd Wave in Grand Cycle as soon as this vast correction ends.
As always, I'd like to point out that none of the targets represented on defenddark.net and defenddark.com is financial advice. The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.