Ripple Technical Analysis, What awaits us this week?
Ripple, unfortunately, did not perform well this week. Starting the week at $ 0.382, Ripple lost $ 1.577 to close the week at 1.577. With his poor performance, Ripple has handed over his second place to Ethereum. Let’s continue by examining the technical events during the week.
Ripple ‘s pressure on the market because of the beginning of the week began to decline. With this decrease, the L2 ($ 0.355) level seen in the first graph was tested and worked as a support. The XRP, which has risen again on Tuesday’s purchases, has maintained this uptrend to A falling trend. However, we see that there is a sale pressure from this level. As a result of the pressure, L2 (down to $ 0,355) , the price regressed to A , on the day of purchases with the market again tested the falling trend. Looking at the XRP / BTC graph 1We see that the falling trend has been working as a support until thursday. we can say that the graphics are stable on the side of the volume. In line with these developments, let us evaluate.
Ripple had to hand over the throne to second place, Ethereum. This may have upset the Ripple investors, but it is normal to have such things in the market. Who knows what else will change in the rankings. As for the technical appearance of the XRP; For the current situation there is a serious contraction between L2 ($ 0.355) and A falling trend. I think that the course of this contraction will change in one direction to the next week. Of course, it is also possible to continue the horizontal band movement in the market. However, when we think that these two levels have been tested many times, one side has to be defeated after the intersection points. We hope that the parties renewed the bar which consists of aFalling trend happens. FIBO 0.236 ($ 0.40) level will be on the agenda with the break up of A trend . If this level is above L3 ($ 0.463) will be on the agenda. I can say that if the market conditions develop in sales pressure and the L2 ($ 0.355) breaks down, the outlook will get worse. L2 ($ 0.355) below the L2 ($ 0.355) – L1 ($ 0.283) horizontal channel will be below the level. As for the XRP / BTC graph: 1breaking down the number one trend has made the view negative. This means that the XRP is depreciating against the BTC and thus has a negative effect against the dollar. For XRP / BTC current situation, Y1 (8660SAT) level should be followed as important support. Below this level, I believe that the sales pressure will increase further.
The information, comments and evaluations contained herein are NOT within the scope of Investment Consultancy . (Date of analysis: 07.01.2019)