Ripple: weekly market analysis (from 12 December to 18 December 2019 on a BTC / XRP pair)

That ripple was sailing in bad waters we had noticed for a while, there remained the hope that it could break up the pattern that had formed something that, however, did not happen; yesterday, in fact, XRP suffered a heavy dump, in the order of 10%, with the price that went to stop at the end of the summer which was the resistance. If this support were to hold up, then, there are discrete possibilities that the push of the bulls can be heard again, otherwise I fear that we will touch a new low by slipping even lower than the 2370 satoshi who had been the last point of fall of the price of XRP. What is about to end has been generally a pretty bad year for all the Altcoin, so we can only hope that 2020 will turn out to be a better year, but for now we can only go and look at the charts and try to understand what awaits us in the coming weeks.

BTC / XRP bears beat hard

The heavy dump of yesterday brought ripple prices to break the R1 and test the R2, at this point it becomes legitimate to expect a few days of quiet and who knows if the price fails to bring itself back near the pivot point, after all there is one more week before the new candle of the month opens. Looking at the weekly chart, however, every bullish fantasy is wiped out, we just need to look at the MACD, in fact, to realize that bears will probably come back to do the good and the bad weather at least until the next solid support that, at this point, could correspond to the last low of 2017, around 1200 satoshi. Looking at the 1D chart, we realize that at this moment XRP is again inside a bearish channel and that it could continue to move for months within this pattern, with the price that could slide lower and lower; however you want to see it, therefore, there are no margins to be optimistic about ripple and the only smart thing to do is to stay out of the market waiting for a clear signal of inversion.

Weekly forecast

Clearly, for everything written so far, it seems to me superfluous to write of being bearish on ripple; it must be said, however, that much will depend on how the current support will stand, it is not possible to exclude a priori that the price manages to pull itself out of the current downward trend, but this is not the most likely scenario. In the coming days there are discrete possibilities that XRP inanelli a couple of consecutive bullish days, at least until you get to test again the resistance of the bearish channel; if, however, as seems likely, he will not be able to break it, what will happen is that ripple will continue to always mark new lows until he reaches support for 1200 satoshi. That, always assuming things go like this, will be a crucial price level for this currency, to which a new bull run must necessarily correspond, otherwise, if that support breaks down, the price of XRP could suffer a very important collapse and the downward pressure could become extremely violent following the panic selling which, almost inevitably, would be unleashed.

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