$XRP continues its downtrend
Key levels
Short term
Supports—> S1: 0.25 & S2: 0.20
Resistances—> R1: 0.30 & R2: 0.46
Medium term
Supports—> S3: 0.18 & S4: 0.15
Resistances—> R3: 0.55 & R4: 0.60
Potential scenario
At the end of September, XRP touched its lowest level since the 2017 bull run, $0.21. Even though it looked like the everlasting downtrend was coming to its end when last June Ripple sore to $0.51, it keeps making lower lows.
After reaching S2 last week, the price has made a retracement to S1 to, very likely, keep going down. It is still too soon to take medium-term positions since the scenario remains very bearish.
TA comment
As argued in the last section, the scenario for Ripple and most of the crypto market still remains bearish. Resistances cannot be broken upwards due to the lack of demand and the price keeps making new lows.
Ripple has been making new lows through strong bearish moves, then making a pull-back and continue its way down. We could use the Bollinger bands to open long positions before the price makes the pull-back. When XRP moves downwards, the lower Bollinger band will be broken by the price, to thereafter increase and perform the pull-back to the resistance. Then, increasing your chances of getting a positive position.
Pattern
During this long downtrend, the pattern In-Neck has been spotted several times. It is a bearish continuation pattern represented by 2 candles. During a downtrend, a long decreasing candle is followed by a small increasing candle that opens below the previous candle and closes slightly above the previous close. Therefore, signaling a sell.
Short term
Supports—> S1: 0.25 & S2: 0.20
Resistances—> R1: 0.30 & R2: 0.46
Medium term
Supports—> S3: 0.18 & S4: 0.15
Resistances—> R3: 0.55 & R4: 0.60
Potential scenario
At the end of September, XRP touched its lowest level since the 2017 bull run, $0.21. Even though it looked like the everlasting downtrend was coming to its end when last June Ripple sore to $0.51, it keeps making lower lows.
After reaching S2 last week, the price has made a retracement to S1 to, very likely, keep going down. It is still too soon to take medium-term positions since the scenario remains very bearish.
TA comment
As argued in the last section, the scenario for Ripple and most of the crypto market still remains bearish. Resistances cannot be broken upwards due to the lack of demand and the price keeps making new lows.
Ripple has been making new lows through strong bearish moves, then making a pull-back and continue its way down. We could use the Bollinger bands to open long positions before the price makes the pull-back. When XRP moves downwards, the lower Bollinger band will be broken by the price, to thereafter increase and perform the pull-back to the resistance. Then, increasing your chances of getting a positive position.
Pattern
During this long downtrend, the pattern In-Neck has been spotted several times. It is a bearish continuation pattern represented by 2 candles. During a downtrend, a long decreasing candle is followed by a small increasing candle that opens below the previous candle and closes slightly above the previous close. Therefore, signaling a sell.
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