After staying adamant in our assessment that XRP was manifesting only another short-lived bounce above $0.50 (and then fakeout above $0.54), we finally saw it falter in the past few days. Overall, the picture has not improved, and technicals point to more weakness for the token. We still believe the support at $0.43 will be taken out, and new lows will be put in. As such, we remain bearish on XRP.
Illustration 1.01
Illustration 1.01 displays the daily chart of XRP. In a recent article about Bitcoin, we explained how it was likely for BTC dominance to grow at the expense of other altcoins, and this is a prime example of this.
Technical analysis gauge
Daily time frame = Bearish
Weekly time frame = Bearish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages.
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.
Illustration 1.01
Illustration 1.01 displays the daily chart of XRP. In a recent article about Bitcoin, we explained how it was likely for BTC dominance to grow at the expense of other altcoins, and this is a prime example of this.
Technical analysis gauge
Daily time frame = Bearish
Weekly time frame = Bearish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages.
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.
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Illustration 1.02