Last night XRP/USD was trading in the mid $0.60 range. We continued to consolidate at the low $0.60’s and all of the sudden crashes begin overnight. This was not just for XRP this was for the whole cryptocurrency market because of the tremendous price action that happened recently. The XRP community seems to be upset with this latest dump, however in this case, it is completely normal to see this big of a crash during a bull cycle.
The thing about a cryptocurrency bull cycle is that it does not mean price is always going up 100% of the time. It means that the market is in a state of tremendous volatility and the result of this is that prices will be volatile BOTH ways.
Without deep red days the crazy big green days would not be there. The quick steep discount on cryptocurrency is what brings the prices to a sea of green days later.
Here is something to help calm XRP holders. This is the XRP/USD 1h chart.
Notice the $0.47 resistance, see how we dumped a lot of times off of that level before breaking and heading to $0.75? Also notice how this -25% dump brings us right back to a previous resistance which is likely to get flipped to support.
Today through this dump, XRP is conducting a major test on the $0.47 range to see if it is valid as strong support, if thats the case, we should return to $0.70’s in a few days.
Keep calm and HODL!
