Ripple - Once a promising cryptocurrency, down 90% from ATH

Ripple has been trading predominantly within the wide range for the past three months, indicating a neutral trend. Despite that, we remain bearish on XRPUSD and await it to drop below the short-term support over time.

Our notion is supported by a combination of fundamental and technical factors. However, the fact that this cryptocurrency is down approximately 90% from its all-time high also supports our view. Because of that, we would like to set the medium-term price target for XRPUSD at 0.30 USD and the long-term price target at 0.28 USD.


Illustration 1.01
Illustration 1.01 depicts the daily chart of XRPUSD and the conservative trade setup. The yellow rectangle indicates the wide range. The breakout above the short-term resistance will be bullish, while the breakout below the short-term will be bearish.

Technical analysis - daily time frame
RSI and MACD are neutral. Stochastic is slightly bullish. DM+ and DM- are perform whipsaws, and ADX contains a low value. Overall, the daily time frame is neutral, showing no price trend.

Illustration 1.02
The picture above shows the weekly chart of XRPUSD and two simple moving averages. These two moving averages, 20-week SMA and 50-week SMA, reflect bearish conditions.

Technical analysis - weekly time frame
RSI and Stochastic are neutral. MACD points to the upside but stays in the bearish area. DM+ and DM- are bearish. Overall, the weekly time frame remains bearish.

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.