Cryptocurrency
by Seth Parker on August 8, 2018

Ripple Analysis – Grim Reaper on the Ripple

In the first analysis of the day, I mentioned NEO and I said that the Grim Reaper is back on the market. That would be actually more suitable here. Grim Reaper on the Ripple. OK, jokes aside, I guess if You have this altcoin in your wallet, you do not have mood right now. Not that we did not warn You. Previously, we mentioned this coin on the 22nd of June and we were very bearish:

„On Friday, the price is down over 8%. That is just a simple outcome of all those bearish technical factors mentioned above. Negative sentiment will be denied, when the price will come back above the lower line of the triangle but that is very unlikely at the moment. „

ripple chart

The price indeed went lower. XRP created a descending triangle pattern (blue), which according to every book is a negative formation. Breakout of the lower line of this structure, which triggered the sell signal, happened on Monday. The real bearish potential was unleashed yesterday’s evening and is still present today. Wow, that has to hurt. If You think about catching the falling knife and buying, you should wait at least for the first signs of a reversal. As for now, sellers have full control on the crypto market. Scary.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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