MagicPoopCannon

Hodlers Beware! XRP Consistently Showing Overwhelming Weakness!

POLONIEX:XRPUSD   XRP / U.S. Dollar
XRP (along with the vast majority of crypto assets) looks immensely dangerous right now. I've published several analyses talking about this big blue uptrend channel that XRP was in. When XRP was approaching the bottom of it, I suspected that there was a decent chance for a significant rally if it held support. Unfortunately, price never held the bottom of the channel as support. Instead, we've seen a breakdown below the blue uptrend channel , and to make matters worse, price rallied back up to it, tested it, and rolled over to the downside. Not only was the channel defined as resistance, but so were the 50 and 200 week moving averages, which are in the same general area. This is extremely bearish . Especially since price remains in a bear market downtrend, forming lower highs and lower lows.

As of right now, I'm fully expecting price to fall to the 0.15 level. If that fails to hold as support, I believe that there is a very real and dangerously high probability that XRP will fall to the 0.03 level. I know many people think that is out of the realm of possibility, but the continuous weakness is saying otherwise. I love Ripple and XRP, but I'm an investor and an analyst first and foremost. I will not hold on to assets that are this vulnerable.

On the weekly RSI , we can see that the strength is flirting with the downside right now. One thing that is very noteworthy here, is that price has been severely overbought, but it has never been severely oversold. Considering the consistently overwhelming technical weakness, XRP may soon find itself in the "severely oversold" section of the weekly RSI — where it's actually GOOD to be a buyer. Choose your moves wisely. The future we've all envisioned is NOT guaranteed.

I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-

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