Is Ripple Heading Lower Looks Like It

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Is Ripple Heading Lower? Looks Like It

The Ripple Chart Does Not Look Good

I was just doing my daily perusal of the crypto market when I stumbled across an interesting headline. It said Ripple had just scored a major investment and the XRP coin was up 5% because of it. I immediately went to the chart and you know what I found? Not a coin up 5% that’s for sure, and not one that looks anything close to be bullish.

Ripple, The News

Ripple, a California-based cryptocurrency startup, announced it had raised $200 million in a round of Series C funding. The money comes from global investment firm Tetragon among others and is intended to help Ripple as it scales. Ripple’s CEO says the funding proves institutional investors see the utility and value of Ripple. Whether or not that is true in a broad-sense is yet to be seen.

Brad Garlinghouse, CEO of Ripple, said this…

“We are in a strong financial position to execute against our vision. As others in the blockchain space have slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2020.”

In the blog post, Ripple revealed that its client-base was growing at an exponential rate. Much of the funding will be used to expand the worldwide team. The outlook for 2020 is robust, the company is expecting another 30-40% in customer growth, so the move seems like a good one.

Ripple, The Technical Analysis

With Ripple doing so well I expected to see this chart ripping higher. Holding steady at least, not what I found, not a downtrend. Yes, XRP surged 5% on the news but that’s not much for crypto. A look at the charts shows the move barely made it to the top of a near-term trading range. What I find alarming, at least in the bullish sense, is that XRP/USD is in a downtrend. The failed break-out last June resulted in a sharp drop in prices, the drop in prices has fallen below support, and now the price action looks like it is setting up for another move lower.

Price action over the past is bearish and worse, it looks like a bearish flag pattern. The flag pattern is a continuation signal that, if confirmed, will take prices down to $0.16 real fast. The risk is that the stochastic is showing a bullish crossover but let me say this: within a downtrend such a set up is a better time to sell than buy. In either case, I’d wait for a confirming signal before trading. In the bearish sense, a move to new lows would be the signal. In the bullish sense, a move to new highs (above the top of the near-term range), could be a signal but I’d be wary. Resistance at the $0.20 level could be very strong.

Ripple Price Analysis: XRP/USD is looking for support levels

XRP/USD Daily Chart

Could this chart show that the recent Ripple rally was just a deep retracement of the downtrend?.

The price fall from the 0.3463 high has been pretty dramatic.

Now the price is heading toward the 0.20 support level. This level has been used on 4 strong occasions.

Beyond that, the 0.1760 wave low could be the main base-level support.

The overall sentiment of this market is still bearish and lower level look likely to be tested.

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Additional Level

XRP/USD

Overview
Today last price 0.2327
Today Daily Change -0.0197
Today Daily Change % -7.81
Today daily open 0.2524
Trends
Daily SMA20 0.2867
Daily SMA50 0.2541
Daily SMA100 0.2333
Daily SMA200 0.2538
Levels
Previous Daily High 0.271
Previous Daily Low 0.251
Previous Weekly High 0.3187
Previous Weekly Low 0.2615
Previous Monthly High 0.254
Previous Monthly Low 0.1846
Daily Fibonacci 38.2% 0.2586
Daily Fibonacci 61.8% 0.2634
Daily Pivot Point S1 0.2452
Daily Pivot Point S2 0.2381
Daily Pivot Point S3 0.2252
Daily Pivot Point R1 0.2653
Daily Pivot Point R2 0.2782
Daily Pivot Point R3 0.2854

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Ripple Price Analysis: XRP/USD is looking for support levels

XRP/USD Daily Chart

Could this chart show that the recent Ripple rally was just a deep retracement of the downtrend?.

The price fall from the 0.3463 high has been pretty dramatic.

Now the price is heading toward the 0.20 support level. This level has been used on 4 strong occasions.

Beyond that, the 0.1760 wave low could be the main base-level support.

The overall sentiment of this market is still bearish and lower level look likely to be tested.

Additional Level

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