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Ripple (XRP): Bears taking control over the market

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XRP/USD

Time Frame: D1

Technical Analysis: Ripple's price moves in a pronounced downward trend channel which has started on 06.02.18. On 21.09.18, the price reflected a 22% growth because of the optimism surrounding Ripple Labs Inc.'s plans. to use spreads of digital currencies. Then the price attempted to break the resistance of the trend channel, which in the given period coincided with 200 SMA, but without success.

Thereafter, the price began to consolidate in the zone of 0.56-0.25 dollars for ripple, making lower highs and lower lows. This predicts that the cryptocurrency has no power to break the trend line and is more likely to head north again.

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Indicators: The price is below 200 and 50 SMA and they play a role of strong resistance.

DeM - In neutral territory and does not give any signals.

Alternative Scenario: If the price breaks the long-term trend channel it will probably start a new uptrend.


 Trader Milko Zashev

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