UnknownUnicorn3838311

XRP still has large downside room ahead

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BITFINEX:XRPUSD   XRP / U.S. Dollar
Hi followers. This is an analysis of Ripple in the intermediate-long term timeframe.

Basically, XRP follows the general trend of the crypto market, and right now it's in a clear downtrend since clearly head and shoulders pattern formed in August with 3 engulfing bearish bars. As of now, the price stagnates around the level of $0.24 which is a support 1 under Pivot point .

Meanwhile, over the broad market, leading cryptos like BTC and ETH also fluctuate around key horizontal support levels, $10000, and $ 300 respectively. However, compared with BTC and ETH, significant weakness is evident on the chart because for the past days XRP price just stuck within a narrow range, about 5%, which implies that XRP is not a market leader.

Therefore, overall, XRP will follow the general trend of crypto, and possibly the downtrend will resume after a pause.


Disclaimer: The piece of analysis is merely the opinion of BitCoke analyst, not financial advice.