Ripple: weekly market analysis (from 11/7 to 7/13 2019 on a BTC / XRP pair)

By Roberto D. | CryptoFarm | 3 weeks ago

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BTC / XRP collapses or doesn't collapse, that's the problem

After the heavy collapses at the end of October, ripple continued to suffer the exuberance of the bears and every time the bullish tension seemed to be under, a new dump arrived; in all this, however, the price has not yet touched a new low after the October 26th one, which we could also take as a positive thing, if it were not that the risk of a break in the support is always around the corner . As for the one-month time frame, we saw that the last candle opened under the pivot point, which, especially in light of subsequent dumps, suggests that a S1 test in the 2800 satoshi area is currently the scenario more likely; if this were to happen we would find ourselves a Parabolic SAR again bearish on a weekly time frame, so that since the MACD on the 7D is still bullish, we just have to keep our fingers crossed and hope that the bulls take up the situation again. The situation is no longer rosy on the 1D chart, here the MACD does not seem to be able to return bullish and, once you set the ichimoku cloud, we notice that the price is back to getting stuck in the cloud; there are instead consolations for the fractals that show us that on a weekly time frame the current prices seem to correspond to the new fund, while on the monthly one it seems that finally the fall that has characterized the price trend for the whole of 2019 seems finally having slowed down. Precisely the long bearish cycle that has characterized ripple during these eleven months leads us to believe that things are about to change, from here to putting our hand on the fire, however, there goes by and not even a little.

Weekly forecast

There is a good chance of XRP recovery. To date, however, this currency has hurt anyone who has invested in it over the last year, despite the efforts to ripple to support the price with strategic partnerships. In short, as much as the R3 consortium strives and despite the enthusiasm shown by the community that supports this project, ripple now seems to only distribute suffering with both hands. Having said that, I repeat, I continue to remain bullish on this coin, but I cannot fail to point out that those who decide to go long on XRP at this time would take a big risk; in short, this cryptocurrency is not for the faint-hearted, so if you are looking for low-risk trading opportunities, you better stay away if you are looking for a short-medium term investment (say between six months and a year) and not you have cardiovascular problems it might be worth a little thought.

 

Please note: this post is not intended to provide any financial advice regarding how to invest your money, but is for educational purposes only


Roberto D.
Roberto D.

Born in Italy, I live in Italy, passionate about cryptocurrencies since I discovered ethereum in 2015


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