Cryptocurrency
by Seth Parker on October 12, 2018

Ripple Analysis – Only one support is left

Last instrument in the technical part will be Ripple, previously mentioned on our portal on the 18th of September. Back in that day, we were bullish, which was quite surprising because how can You be bullish on the cryptos nowadays? Back in that day, XRP was drawing an interesting double bottom formation and we said this:

“Currently, we do have high chances for a double bottom formation and a bullish reversal scenario. This positive sentiment will be denied when the price will touch today’s lows, which currently is less likely to happen. „

ripple chart

That was definitely a great call as in the next few days, the price almost doubled. October is pretty bad though. The price declined from around 0.6 USD to 0.4 USD seen yesterday. Actually, yesterday, we touched an important support – the neckline of the double bottom mentioned in our previous analysis (blue). As for now, we do have a bounce. No wonder, this is the last support that is left. Breakout will give us a strong sell signal. As long as we are above, buyers can still have hope.

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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Comments (1 comment(s))

Rogerthat
October 12, 2018
Followed your original post and bought some xrp so was up over $500 over my original past xrp investments. Decided to hodl hoping for a repeat breakout and that it holds above.