Ripple: weekly market analysis (from 5 December to 11 December 2019 on BTC / XRP pairs)
On Wednesday and last Thursday we had two breaks in the base of the triangle with the price that fell below 2962 satoshi without causing great upheavals, as instead it was more than legitimate to expect; we therefore try to understand together what is happening to this currency, given that, in any case, before evaluating the possibility of opening a position, the council is still the one of last week, that is waiting for the trend to take a clear direction.
BTC / XRP bears and bulls have been equivalent for more than a month
We start as always our analysis from the 30D chart which shows us how, after opening under the pivot point, the new candle of the month has first tested the S1 and then returned to its own pivot point; if this were broken on the upside we would have an R1 test and we would have a fairly solid buy signal. Let's move on to the 7D chart where things get even more complicated, here the MACD is still bullish but seems to have lost momentum, unlike the parabolic SAR which instead has been bearish for three weeks but seems destined to return bullish by the end of the year; as far as the bollinger bands are concerned, the price is still above the median and has never cut it downwards, an aspect that allows us to nurture a little optimism in a short-term perspective. A quick glance at the 1D chart serves us instead to realize how the situation is undefined at present, the MACD has returned bullish over the weekend but has not been supported by sufficient liquidity, the ichimoku clouds, on the other hand, seem to suggest a new accumulation phase, with the price that in the last seven days has moved between the two moving averages. All this only helps us to understand how complex the situation is and that we have no extremes to understand which direction the trend will take if there is not a break in the support or resistance.
Weekly forecast
The advice, the only intelligent one that can be given, is to stay out of the market waiting for things to clear up; as far as I'm concerned, I continue to be stubbornly bullish on ripple, but the fact that until now I have been right does not mean that I will have it even later, so this does not authorize you to believe that it is the case to buy. Operating on XRP right now is very dangerous and even if the feeling is that this coin will break the current upward configuration it is better to wait for this to happen before opening an operation, otherwise the risk is to make a loss important; in this situation of uncertainty, therefore, the best thing to do is to wait, only time can tell us how things really are.
Please note: this post is not intended to provide any financial advice regarding how to invest your money, but is for educational purposes only
