Wednesday starts with a small update of the analysis from the 8th of August. Exactly week ago, we were talking about Ripple, where the price was going down sharply. We know that many people were looking for a place to buy but this game is very risky and that was our opinion about it:
„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. „
We are writing this update today, because we got those first signs of a reversal that we mentioned week ago. Yesterday, the price draw a hammer candlestick on the daily chart, so a formation with a long tail and a small body on top. This kind of a structure shows us, that lower levels got rejected and buyers finally found this asset attractive. Today, the rise is continued, which may be an invitation for a larger reversal. The current target for this upswing is the resistance on the 0.43 USD (blue). Short-term positive sentiment will be denied, once the price will break the yesterday’s lows.