Ripple: weekly market analysis (from 23 January to 29 January 2020 on BTC / XRP pair)
Over the past seven days the situation with regard to the XRP price trend has become particularly delicate, also thanks to the fact that BTC has returned to the $ 9000 area, having said that we can only hope that the last minimum hold, although, as we are about to see in the next paragraph, it starts to seem decidedly unlikely.
BTC / XRP bears appear ready to launch a lethal attack
Last week we had the opening of the new candle of the month, with the price that in the last seven days has given up by going to test the S1; the good thing is that the pivot points at the moment are very tight so both S2 and S3 should offer a moderate guarantee compared to particularly heavy dumps.
However, we remind you that the last historical minimum is in the 1100 satoshi area and that many analysts believe that before a reversal, the prices will return to that price range.
Turning to the weekly chart, we see that the MACD for now still remains bullish, however we also see that the price is in no way able to overcome the resistance represented by the EMA20 (and it has been trying since October); this suggests that, when MACD returns to bearish, XRP will almost certainly end up hitting a new low (compared to the last one hit in September).
The really painful notes, however, arrive by moving us on 1D time frame; here we see that the MACD has returned bearish and that a rather disturbing gravestone has formed yesterday.
Considering that the last low (in September) was in the area of 2365 satoshi (just 10% below the current prices) the fear that XRP is preparing to score a new lower minimum is starting to be very strong.
At this point, not being bearish on XRP has become very difficult, if not impossible; it would not surprise me that in the next seven days there is a test of the S2 and maybe also of the S3, with a subsequent rebound that could bring us more or less on the same prices today.
In any case, it is certainly not the time to go long on XRP, which will be little but it is definitely safe.
The thrust of the bears should almost certainly continue in the next few days, next Wednesday we will be able to understand where this thrust will lead us, for now we can only keep our fingers crossed and hope that the support represented by the last minimum of September will support the bear pressure.
Please note: this post is not intended to provide in any way financial advice relating to how to invest your money but has purely educational purposes.