Markets have responded very well to a rate hikes, which was something I was a bit nervous about. Major indices have responded well to it and that is all that matters if we want the recovery/relief rally anywhere in the equities markets to which crypto is tied to.

There is nothing much to say about the XRP price as it has not changed much during this week. Price has been hoovering around $0.74-0.85 price area, liquidating longs and shorts left and right. It looks to me like the market is really trying to torture holders which such sloppy price action. There are two ways market tries to shake out retail. One way is with sudden dips, and the other way is by time, where low prices are just going sideways for a very long time, until people just can’t take it anymore and capitulate right before it reverses.

The key here is patience which will pay off massively at the end and i am certain this will happen. In my opinion just buy more or hold, but definitely don’t sell or short the market here.

Right now i am first looking for the price to break above the green descending trend line and setting a new local high above $0.9168 (yellow arrow). It would also look healthy if we could have some kind of a back test of this trend line later on, before continuing the trend upwards which could be parabolic. The price was unable to break above this trend line for almost 5 months at this point so breaking above it is quite a significant sign of strength.

I am not a financial advisor so non of this should be taken as a financial advise.

BINANCE:XRPUSDT