I wrote a market overview for this coin some time ago. For getting better understanding, what I think about XRP, please read my previous post from the related ideas.
As for the current market situation, the price broke the bottom. It is a very solid bearish signal. If you look at the chart using the daily timeframe, you will see how many times the price bounced from 0.250000 level. This level acted as the bottom and now it is destroyed. What does it mean? It means that the market has all opportunities for the further falling to lower supports based on the round numbers and swing highs and lows.
If you are on the buyers' side, you should believe only in a false breakout. If the market can't move lower within several days and move above 0.250000, probably we will have the false breakout, and the market will move back in the price channel. But for this, buyers must start opening long trades as soon as possible. Are they ready to do this knowing that Bitcoin can continue falling? If you know the answer, share in comments.
From my point of view, this coin does not have fundamental reasons for the upward movement in the long run. The market performance in 2018 and 2019 just confirms it. That's why if you want to include this coin in your trading portfolio, don't forget to think twice and take your decision based on the proper money management and understanding all possible risks.
Now the market looks much more bearish, and it is ready for the falling. MACD lines and histogram support the further downward movement. DMI is going to support sellers too. RSI is not far from the oversold zone, and it will be able to confirm a short term retracement to 0.250000 level, which acts as resistance after the breakout. Watch for the price action at 0.250000 if the price moves upward. The reversal from the resistance level will push the price lower. The breakout will allow keeping the sideways movement in the borders of the price channel.
Share your thoughts about XRP and possible market movements. Let's discuss!
Also, I will be grateful if you support this post by your likes. Thank you!
As for the current market situation, the price broke the bottom. It is a very solid bearish signal. If you look at the chart using the daily timeframe, you will see how many times the price bounced from 0.250000 level. This level acted as the bottom and now it is destroyed. What does it mean? It means that the market has all opportunities for the further falling to lower supports based on the round numbers and swing highs and lows.
If you are on the buyers' side, you should believe only in a false breakout. If the market can't move lower within several days and move above 0.250000, probably we will have the false breakout, and the market will move back in the price channel. But for this, buyers must start opening long trades as soon as possible. Are they ready to do this knowing that Bitcoin can continue falling? If you know the answer, share in comments.
From my point of view, this coin does not have fundamental reasons for the upward movement in the long run. The market performance in 2018 and 2019 just confirms it. That's why if you want to include this coin in your trading portfolio, don't forget to think twice and take your decision based on the proper money management and understanding all possible risks.
Now the market looks much more bearish, and it is ready for the falling. MACD lines and histogram support the further downward movement. DMI is going to support sellers too. RSI is not far from the oversold zone, and it will be able to confirm a short term retracement to 0.250000 level, which acts as resistance after the breakout. Watch for the price action at 0.250000 if the price moves upward. The reversal from the resistance level will push the price lower. The breakout will allow keeping the sideways movement in the borders of the price channel.
Share your thoughts about XRP and possible market movements. Let's discuss!
Also, I will be grateful if you support this post by your likes. Thank you!
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