XRP prefers a downtrend already second year in a row. We are on the upward support and inside the upward channel, but is it feels like a confident buy? I think it's not.
Judging by the TA, we can compare the chart with Bitcoin in November 2018. Remember that? We have an upward local support, horizontal levels drawn by this and previous year lows and the support level, that managed to stay after 6 attempts to break it. Unfortunately, this strong support level at $0.2815 was finally broken and now the price is located below. The final dump can happen in case $0.2450 is broken. This can cause a savage 50% dump, just like on BTC one year ago.
What can save XRP from that? Only strong buy volumes breaking $0.2815 and flying up to downward resistance of a triangle. All this area is extremely dangerous for both bulls and bears, so there is a logical question - what's the point of moving the price in it. That's why the priority is downward now and the price makes all holders move out and sell XRP.
Thank you for sharing! For now, this is what I think for xrp:
Turningmecard
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correct!
SpartaBTC
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XRP Descending triangle.
mickey_v
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Lower support is still on the table for Ripple. However, I'm seeing Ripple slowly pick up relative strength. If Bitcoin consolidates smoothly til market equilibrium, we might see a good run from Ripple
CaptainCanuck
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I understand that you are thinking that XRP has to rip down out of the descending triangle like BTC did from 2018, but where is the TA and momentum to support this? The weekly Stoch RSI has bottomed out and the same with the weekly MACD. Both are starting to point upwards. Furthermore, the VWAP on Market Cipher is about to turn bullish. I know this long downturn sucks for HODL'ers and those that are long but don't short/sell at the bottom people. I have highlighted a bunch of confluences below indicating that the risk to reward for a long is better at this point with all respect. Cheers.
CaptainCanuck
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@CaptainCanuck, forgot to say, wait for confirmation from the yellow cloud VWAP and for the Stoch RSI to close pointing up. We should have our answer for a true trend reversal once this new week's candle is printed.
stellar33
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It can’t xrp follows xlm xlm does 85 days downtrend n up 85 completed yesterday
GeeKOpS1_3
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one of the better reviews of XRP I have read in some time... i know the :"army" will disagree, but sound reasoning and alomst exactly my thoughts on RIPPLE to a T.
CryptoBullet
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its possible. Have to agree with this idea.
Better be in btc