XRPUSDT....it's a nope from me
2024-12-12
Category: None

Browsing the subreddit and by gauging sentiment, there is an awful lot of moon bois out lately. Lots of new "investors" ie. gamblers, rushing into the market and chasing the shiny coins. XRP has had a huge run this month, and even though it's happened in the past multiple times, people still fail to just...zoom out.

This latest run is unsustainable. There's going to be a big pullback, and it's going to happen quick. Likely this month I would say. There is going to be a lot of newbies left holding the bag sadly.

For now, I see XRPUSDT trading in a descending wedge. Buying momentum has been fading for a while. Bearish divergence on the MACD. I believe this will head back to the $1.80 to $1.90 support within the next 3 days. This was the last support, and also 0.618 fib. From here, a short-lived bounce, before inevitably down to the $1.40 to $1.50 range as mentioned in a earlier post.

Longer term, I believe we're looking at sub $1 XRP next year again, so still opportunity for people to load up much cheaper than now and be prepared for the next run in a few years.