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 or 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 together with the lower boundary of ripples huge there is a high possibility given that ripple bounces in that level to prove a breakóut of this strong formation you see in chart.
When ripple takes out this upper resistance of the it can indicate bullishness in the short-term but it does not mean that XRP is completely here therefore it is important how strong this confirmation will be. When it is with good and solid there it is possible within the schedule that XRP moves higher to activate the 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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Information provided is only educational and should not be used to take action in the markets.