#XRP is trading on a red 3 on a weekly time frame according to the TD Sequential trading method. If the price goes below the low of last week (R8.81) a sell signal on a weekly time frame will trigger with a potential of 6 more weeks of downside.

The 21EMA now sits at R11.50 and is coming down every week as the price consolidates in this area. The longer wicks to the bottom of the previous weeks do suggest that the bulls is strong in the R7.50 – R9 area. However, continuous hammering in this area will eventually break the support and the price will move lower. The next area of support is R5.50. The funding rates for BTC still favour a short squeeze and this will immediately change the picture and potentially push the price above the 21EMA for XRP.

 

 

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