Hey guys and gals, welcome to the new update on the XRP coin.
Another bad news:
Today is another very bad day for XRP as another worst news published that “Coinbase to Suspend XRP Trading Following SEC Suit Against Ripple”
https://www.coindesk.com/coinbase-suspends-xrp-trading
Before this, we have seen that the XRP was dumped hard when SEC filed a lawsuit against Ripple a few days back.
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Traders are taking advantages:
Now, the traders are taking every dump as an opportunity to buy the dip. As when the price of this coin reached $0.22 support they started buying and dumped it again. Then they waited for this $0.22 support to be broken down and now they have again started buying from the $0.17 support. Now there are strong chances that they will dump it again and let the price action move to the most critical support at $0.13 and start buying it from this support again. In the meanwhile, the price action has also broken down all simple moving averages with the time period of 25, 50, 100, and 200.
Breaking down long-term trendline support:
On long term weekly chart, the price action of XRP coin is also breaking down the long-term uptrend line.
SMAs on long-term:
The price action of XRP coin has broken down 200, 25 and 100 simple moving averages and now breaking down the last support of SMA with the time period of 50.
Ichimoku cloud can be broken down:
On the same long-term weekly chart, the price action of the XRP coin is also at the support of Ichimoku bearish cloud. If this cloud will be broken down then it can become a very strong resistance for the long-term.
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Conclusion:
Even though it can be a really good long opportunity if the price action will be dropped at $0.13 cents, as it is getting pumped from every support, however, the news behind this coin is very bad therefore if someone tries to buy it at any support he should take care of the stop loss.
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