XRP is quite different than any of the other cryptocurrencies. The sentiment for XRP is bearish in my opinion. Because XRP has showcased that has decouple a while ago, relying on price movements from Bitcoin and Ethereum will not provide as much meaning as say, the relationship between Ethereum and Bitcoin. That being said, there are some critical tests that XRP has not satisfied for me to be considered bullish. First off, there was a major rejection at the 38.2 Fibonacci line and the pattern right now seems like a bearish continuation. Until we can break $.40, I am not considering to trade XRP. It is entirely possible that we have bottomed out, but I am more confident in trading the above coins for now. There was an 8% drop at 7:15am this morning but it wicked extremely long so that we are currently in a range. This is an indication of uncertainty between bears and bulls.
Yesterdays Daily candle closure at $0.32549 didn't reach and close above the desired level of $0.32700 to be able to sustain bullish momentum. Price spiked up to $0.33 in line with previous resistance on 6th March before falling down to the $0.32100 level. A test of the 61.8% Fib and a 5th trendline touch at $0.32044 would provide me with a good opportunity to enter the market. Entry - 0.32044 SL - 0.31484 (56 pips) TP - 0.32270 (222.6 pips) Risk Reward - 3.98/1 UPDATES ON TWITTER - @FarrenTom