Ripple under the threat of a new drain. What will happen to cryptocurrency in the next month?
Source:
From September to October, Ripple showed quite good results against the background of General decline of the stock market. The growth of coins was triggered by insider information about the launch of a major upgrade project . However, even I could not resist the onslaught of the bears and started to decrease after draining of Bitcoin in November.
At the moment the pair is trading under the full control of the sellers. The market situation is unlikely to change in the coming weeks, so do not expect a sharp reversal of the downtrend. At the time of writing, the XRP is trading at 0.3 of the dollar, the capitalization of coins made up of 12.45 billion. Over the past week Ripple fell nearly 7 percent.
theTechnical analysis
At a scale of 1-hourly chart of the asset in the local downtrend that stretches from 0.31 to 0.29 per dollar. The nearest support level in the area of 0.28 while the dollar has fulfilled his role and kept the pressure bears. Now XRP went to a small pullback to the level of 30 cents.
Source: AMBCrypto
The Technical indicator Bollinger Band indicates a continuation of bearish trend: the price of Ripple is below the middle line of the indicator.Chaikin Money Flow dipped below the zero line, which speaks of miniscule injections of funds into the market from outside.
A More complete picture of 1-day chart also does not look too optimistic. The asset here falls, and the bearish trend has spread $ 0.55 up to 0.27 USD.
Source: AMBCrypto
As in the smaller scale, technical indicators also testify to the complete lack of interest in the market from buyers. Parabolic SAR speaks of another decline to the nearest support line, since the points of the indicator are still being formed above the candlesticks. RSI is almost in oversold territory, but it seems that Ripple does not react to this indicator.
Apparently, while the safest strategy is to short XRP. Both the timeframe, talking about the complete dominance of bears in the market for a long time.
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