XRPUSD, Moving In Confirmed Downtrend, But A Weak Downtrend!

Hello Traders Investors And Community welcome to this analysis about XRPUSD recent events, the current price-structure-formation, and what we can expect from the currencies the next hours and days. The cryptocurrency market is in a big and long-lasting consolidation phase where the volatility gets lower and lower which will end in a big breakout with high volatile movements, the huge question then will be in which direction the breakout occurs and in this case how we can handle the situation to profit out of arising opportunities. As there are cryptocurrencies which are clearly in a downtrend while others are in consolidations and again others are in a more stable bullish state it is important to look at the individual differences in the currencies to handle them differentiated in order to look for opportunities, therefore it is important to not shear the whole market over a comb and just believe the market will fall or rise as this is to often see these days.

As you can see in my chart ripple is trading in this confirmed downtrend which making lower highs and lower lows till more than 50 days now, this is a downtrend but it is a weak downtrend because the price every time confirms the lower boundary of this huge channel but the up moves getting more little every time ripple shows such a movement. This means we can expect a bigger move upcoming in either the bullish or bearish direction which will alter the dynamic and probably show the direction in the price chart which can provide decent opportunities. As ripple has some important support structures in the chart which you can watch at the 61.8% Fibonacci-support marked in my chart which is building a coherent support zone together with the lower boundary of ripples huge downtrend channel there is a high possibility given that ripple bounces in that level to prove a breakóut of this strong descending triangle formation you see in chart.

When ripple takes out this upper resistance of the descending triangle it can indicate bullishness in the short-term but it does not mean that XRP is completely bullish here therefore it is important how strong this confirmation will be. When it is with good and solid volatility there it is possible within the schedule that XRP moves higher to activate the descending triangle formation, remember that this has to confirm properly otherwise XRP is still in a downtrend which will continue when the reversal does not play out properly. In comparison to the rest market, XRP is definitely a weaker one as for example bitcoin is in consolidation since weeks or ethereum made new highs in the time where XRP just provided one lower after the other, this movement is playing into the theory that there is a slow sorting out of currencies similar to the dotcom bubble in 2000 which does not mean XRP will not survive but it should be a signal to not just trade everything in the market and in one direction which can prove fatal as the differences between the currencies getting remarkably bigger which we should consider and adapt to the changing circumstances within the market.

In this manner, thank you for watching, support for more market insight, have a great day and all the best to you!
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Thanks for the detailed analysis! Trend broken now. Do you think we'll go to 0.2 next?
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Post your comments, questions, and ideas about XRPUSD here.
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good chart mate.
You have dug it, deep mate.
I don't see it. Seems to me you simply have shorts set up and are hoping to sway the market to fill your shorts with your chart.
Thanks for the details!
So funny how the price plays with us!

So now what? A backtest and going for the top edge of the channel?
Great work mate! I like it.
.10 is the bounce, yes.
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