Merely a few hours after our warning, the price of XRPUSD fell more than 10% before recovering some of its losses. Interestingly, the price halted its decline slightly above the short-term support. Therefore, we speculate the price might end up trading within the wide range for an extended period; unless a breakout below the short-term support takes place and further confirms our bearish bias.
Regarding fundamentals, they remained unchanged, with central banks pursuing tighter monetary conditions all over the globe (resulting in stronger fiat money versus cryptocurrencies). With that in mind, we have very little optimism about the prospect of a primary trend reversal in stock and cryptocurrency markets. We believe the bear market is barely halfway through, and much more pain is ahead. Accordingly, we stick to our recently updated price targets at 0.30$ (short-term) and 0.28$ (medium-term).
Illustration 1.01 The image above shows the hourly chart of XRPUSD. The yellow arrow points to the highest spike in volume since the recent top. That confirms our bearish bias. Indeed, the volume spike came shortly after we shared news from @TradingView highlighting millions of XRP tokens being moved onto exchanges by whales, looking to sell at highs.
Technical analysis - daily time frame SMA 20 and SMA 50 performed a bearish crossover. RSI, Stochastic, MACD, DM+, and DM- are all bearish. Overall, the daily time frame is bearish.
Illustration 1.02 The picture above displays the daily chart of XRPUSD. The price stopped its decline just slightly above the short-term support; in its last rise, the price ceased its movement below the short-term resistance. A breakout below the short-term support will further bolster the bearish case. However, a failure of the price to break below this level might suggest that the price might end up trading within the wide range between short-term support and resistance for an extended period.
Technical analysis - weekly time frame RSI, MACD, and Stochastic show signs of exhaustion. DM+ and DM- remain bullish. Overall, the weekly time frame is neutral/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.
LMAO!!! 0.28 cents short term and 0.30 cents medium term. You forgot the 3rd one.. 0.32 cents long term buddy 🤣🤣🤣🤣🤣
Can't believe you're still using same calls of 0.28 cents (short term mind you) SINCE SEPT 8th! It's been 2 months +. That's an eternity in cryptocurrency mate! Crypto ain't slowpoke stockmarket lol 😆 It's called volatile for a reason. Your short-term rubbish 🗑
Tradersweekly
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@Immortalsouls, Similarly, I can not believe you do not understand the timeline and difference between the short-term, medium-term, and long-term. You have been calling for prices in hundreds or thousands of dollars for more than a year; basically, you have been bullish throughout the whole downtrend. Perhaps you should reflect on yourself first.
Immortalsouls
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@Tradersweekly, You should learn the difference between price target compared to calling price predictions amateur.
Tradersweekly
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@Immortalsouls, The reality is that the price is down more than 20% since you started making bullish calls on my articles. XRPUSD is about to break below your "significant support" near 0.38$.
Immortalsouls
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@Tradersweekly, Why are you lying dude? The first time I ever started talking on your charts is because you commented on mine first and Xrp was 0.35 cents. And I called the upswing.. and you wrote "Thanks for publishing good luck". The target is 0.35 cents currently lol 😆😂
All you've proven is you're a narcissistic gaslighter 🤣
Tradersweekly
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@Immortalsouls, Yes, and then you came spamming your crazy thoughts on my articles. I might be narcissistic, but at least I am not a person who does not own his mistakes.
Immortalsouls
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@Tradersweekly, You're not just a liar.. but a compulsive one. Nice work. Money got to your head it seems 💰💲💲💲💰💰💲💲💲💰💰
Tradersweekly
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@Immortalsouls, It already broke below it, three minutes after my statement.
JoeChampion
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Agreed, Ripple will fall!
asadmughal
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I do hedging and yesterday I made some good money from shorting the XRP.
Can't believe you're still using same calls of 0.28 cents (short term mind you) SINCE SEPT 8th! It's been 2 months +. That's an eternity in cryptocurrency mate! Crypto ain't slowpoke stockmarket lol 😆 It's called volatile for a reason. Your short-term rubbish 🗑