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. „
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.