Price is now indicating a complete lack of support for the asset. The same structure that was supported so well before the major Q4 2017 breakout is no longer holding price together. This is a sign that it is more likely to go down even further. Until this level is breached once again (30 cent level), there is no reason to be anything but a seller of XRP or remain on the sidelines. I believe this is a general indication of the state of crypto at the moment. There might be some deep pockets of value in the crypto space in the next year or so, particularly in some projects that are well funded, etc. Not sure what that will be, but I am not of the opinion that the market will go bullish anytime soon. I think we will remain in a period of complete drought for an extended period of time. Crashes can last very long. Not even 5 years is enough for most markets to recover.
My analysis in XRP in the past:
My analysis in XRP in the past:
Comment:
Just a quick update on this. If 30 cents is retaken then it would be very bullish. Huge break downs of structure like this wipe out stop losses only to end up reversing above structure. This may even be an interesting risk-reward set up on the long side risking the recent low. I personally prefer staying on the sidelines for now. The main purpose of this update is that I think shorting XRP here (currently at .189 cents) is the wrong play IMO, even if there is a serious breakdown in support.
Comment:
Quick update...
I'm bearish. I expect another leg lower toward .0677.
I'm bearish. I expect another leg lower toward .0677.
