About two weeks ago, we warned XRP would likely test its support near $0.43. However, this has not been the case so far, and XRP moved from around $0.48 to $0.52. Despite this upward movement, we believe the retest is still due to happen. In fact, we would not be surprised to see XRP continue lower than that, being dragged by the rest of the cryptocurrency market. To reassess our view (or even abandon it), we want XRP to break above $0.54 and broader strength in the crypto market. We will update our thoughts with the emergence of new developments.
Illustration 1.01 Illustration 1.01 displays the daily chart of XRP and simple support/resistance levels derived from peaks and troughs.
Technical analysis Daily time frame = Slightly bearish Weekly time frame = Slightly 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.
Comment
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XRP briefly broke above $0.54. However, our stance remains unchanged due to opinions expressed in recent articles about Bitcoin and its growing dominance that we deem as a threat to higher prices for altcoins.
XRP has no more hype to stand on, the last one was with the partial win vs the SEC anyone who hasn't sold then has to wait for BTC to move as usual. Combined with the periodic sales of Ripple, with the next BTC selloff XRP will see gutter prices again pretty soon.
Tradersweekly
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@clairebymax, I think so too. Plus, the token is complete garbage.
clairebymax
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@Tradersweekly, It truly is, I have made good money on it tough but that's because I never hold the damn thing I always sell it. If you hodl XRP then all you will be is a bag holdler for Ripple.
Tradersweekly
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@clairebymax, I liked the project in its early stages. However, after executives cashed out big sums of money about ten years ago, it became apparent the project was not going anywhere.
still bullish!