Ripple XRP Broke out but Weak as Sh.t :)
Updated
Like most other alts, XRP has showed a similar move past week. Making a resistance and then breaking above it. For XRP it's that black line on the left. But as you can see, the breakout move was VERY weak, no conviction at all. At the moment showing more bearish signs, with breaking that channel or trend line on the right. It looks real so far because it broke down, retested that former support line and dropped again, but it did NOT yet make a new low.
At the moment it looks like a clear neckline on the right, that green support zone. So maybe it's best to keep it simple here and use the range to decide what the direction will be for the coming days, since Bitcoin is still not clear on what it will do. So i think if we break support, could drop to 23/23.5, if we break up, would say it could go towards the 0.26.
A sign in favor of the bulls would also be, if that yellow circle breaks on the upside.
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Previous analysis:
At the moment it looks like a clear neckline on the right, that green support zone. So maybe it's best to keep it simple here and use the range to decide what the direction will be for the coming days, since Bitcoin is still not clear on what it will do. So i think if we break support, could drop to 23/23.5, if we break up, would say it could go towards the 0.26.
A sign in favor of the bulls would also be, if that yellow circle breaks on the upside.
Don't forget to like if you appreciate this :)
Previous analysis:
Note
XRP, man, can't even describe how much i hate this coin, just disgusting. I know there are much worse out there than XRP, but it's the most (in)famous one. Why do i hate it, because of Ripple. I just can't stand it, how people who already have so much, still take money from the working class people. Even though there is almost nobody left who talks about crypto (normal people), but when they do, i always hear ripple coming out of their mouths. How they unload so many coins each month for almost 2 years now i think? People just keep buying this F coin past 2 years. Maybe it has a future, maybe it will be great, but for now it's just too small to handle the sell pressure from Ripple. So my guess is, until we are closing in the final period that Ripple scams people, i simply just can't be long term bullish. Just look at how it's getting dumped again. Sorry, just had to get it out of my system :)
Looking at the chart, well it looks bad. Seems if it it's already breaking the support zone on the right. Now doesn't mean it will continue to drop in a straight line, but if it breaks, it does usually mean it has no value anymore. Meaning, if it breaks, drops some, goes back above it, it don't give any real support anymore. Which then also means, it will prob drop back below it again eventually.
Already dumped even more while writing this. So we can say, things looks like sh.t at the moment. Hope to get a bounce soon, otherwise dont know where it will go from here. Think best case for bulls, is to see something like a bullish wedge or so form coming days.
So, think it's safe to say, this is most likely NOT the low, even in a bullish version we will prob see a least a retest of the lows and maybe even below it form a wedge.
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