XRPShort
XRP still has large downside room ahead
Hi followers. This is an analysis of Ripple in the intermediate-long term timeframe.
Basically, XRP follows the general trend of the crypto market, and right now it's in a clear downtrend since clearly head and shoulders pattern formed in August with 3 engulfing bearish bars. As of now, the price stagnates around the level of $0.24 which is a support 1 under Pivot point.
Meanwhile, over the broad market, leading cryptos like BTC and ETH also fluctuate around key horizontal support levels, $10000, and $ 300 respectively. However, compared with BTC and ETH, significant weakness is evident on the chart because for the past days XRP price just stuck within a narrow range, about 5%, which implies that XRP is not a market leader.
Therefore, overall, XRP will follow the general trend of crypto, and possibly the downtrend will resume after a pause.
Disclaimer: The piece of analysis is merely the opinion of BitCoke analyst, not financial advice.
Basically, XRP follows the general trend of the crypto market, and right now it's in a clear downtrend since clearly head and shoulders pattern formed in August with 3 engulfing bearish bars. As of now, the price stagnates around the level of $0.24 which is a support 1 under Pivot point.
Meanwhile, over the broad market, leading cryptos like BTC and ETH also fluctuate around key horizontal support levels, $10000, and $ 300 respectively. However, compared with BTC and ETH, significant weakness is evident on the chart because for the past days XRP price just stuck within a narrow range, about 5%, which implies that XRP is not a market leader.
Therefore, overall, XRP will follow the general trend of crypto, and possibly the downtrend will resume after a pause.
Disclaimer: The piece of analysis is merely the opinion of BitCoke analyst, not financial advice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.