Brothers, I am Hongcai! XRP has been very active these past two days, bouncing back from the support level of 1.77 and breaking through the key level of 1.825 in one go. Now it's testing the resistance at 1.876. Is this news a blessing or a curse? Let me clarify for you!
News
Portnoy is a typical FOMO patient. He publicly set a target price of 1.75, but the current market price is 1.85, indicating he thinks it hasn't dropped enough yet. This will give the market a psychological hint: many people may want to wait for him to buy at the bottom before following suit, which may actually lead to buying support before it gets close to 1.75. But remember, what the big guys say is not a decree; they can also miss out and cut losses. This news might provide some short-term support for the market, but don't expect him to single-handedly drive the price up.
Technical analysis
Looking at the 1-hour chart, XRP is indeed performing well, maintaining 1.77 and standing above 1.825. MACD shows a golden cross above water, and buying pressure is greater than selling pressure, indicating a short-term upward momentum.
The charge has been sounded, but not many troops are following. There are heavy pressures above, with 1.876, 1.91, and 1.95 being stumbling blocks. If there's no volume on the rise, it can easily fall back to 1.825 or even 1.77 again.
Hongcai's perspective
Short-term rebounds have room, but the possibility of a direct surge is low. It's more likely to rise and then fall back, oscillating to build strength. Portnoy's 1.75 target is like a magnet, likely to pull the price in that direction.
For veteran players: you can hold a long position above 1.825 with a small amount. However, if it rises near 1.91 with insufficient volume, consider taking a short position.
For novice players: don't be fooled by the big players! They are waiting for 1.75, and if you chase in at 1.85 now, you might just get caught halfway up the hill. Remember: it's better to miss out than to make a wrong move. It's advisable to wait for two signals: either a volume breakout above 1.91 or a stable rebound near 1.78. At other times, it's safer to just watch.
The market always moves forward amidst divergences. Follow me, Hongcai will help you avoid news traps and find certainty through technology! Keep an eye on the breakthrough of 1.876 and the defense of 1.825 tonight; steady progress is the key to making profits!
In the market, the most important thing is not to predict every wave, but to ensure that you are always on the boat. The tide of liquidity will eventually lift all true value boats. Pay attention to Hongcai and participate in every attack of Hongcai! Hongcai will announce the specific entry time and real-time news every day at the God of Wealth's house! #加密市场观察 $XRP
