Ripple - The recap of latest developments
Diupdate
Four days ago, we warned that the Ripple cryptocurrency would attempt to test its low from 13th October 2022. Shortly after, the XRPUSD fell approximately 7.5% toward the mentioned low. However, it did not manage to break below it. Instead, it paused its decline slightly above it and reversed back up. Therefore, we will continue to pay close attention to this level and price action; ideally, to support our bearish thesis, we would like to see another attempt of the price to break below the short-term support.
With that being said, we remain bearish in the medium and long term. Indeed, we are on the brink of changing our medium-term price target of 0.30 USD to a short-term price target (and long-term price target of 0.28 USD to a medium-term price target). Similarly, like in previous instances, we draw our conclusion from a combination of bearish fundamental and technical factors.
Illustration 1.01
Illustration 1.01 recapitulates our statements in the past few weeks for the audience.
Technical analysis - daily time frame
RSI, MACD, and Stochastic are bearish. DM+ and DM- performed a bearish crossover. The daily time frame is bearish, although the trend is very weak.
Illustration 1.02
The image above is a reminder that Ripple is still deep in the bear market territory, down approximately 86% from its all-time-high value.
Technical analysis - weekly time frame
RSI is turning neutral. Stochastic shows signs of exhaustion. MACD remains bullish. DM+ and DM- are also bullish. Overall, the weekly time frame is losing bullish momentum.
Illustration 1.03
While many people point out the rising volume on the monthly chart, Illustration 1.03 takes a closer look at what is going on in the weekly time frame; the volume continues to decline since the recent high in price, which does not support the bullish narrative for this cryptocurrency.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
With that being said, we remain bearish in the medium and long term. Indeed, we are on the brink of changing our medium-term price target of 0.30 USD to a short-term price target (and long-term price target of 0.28 USD to a medium-term price target). Similarly, like in previous instances, we draw our conclusion from a combination of bearish fundamental and technical factors.
Illustration 1.01
Illustration 1.01 recapitulates our statements in the past few weeks for the audience.
Technical analysis - daily time frame
RSI, MACD, and Stochastic are bearish. DM+ and DM- performed a bearish crossover. The daily time frame is bearish, although the trend is very weak.
Illustration 1.02
The image above is a reminder that Ripple is still deep in the bear market territory, down approximately 86% from its all-time-high value.
Technical analysis - weekly time frame
RSI is turning neutral. Stochastic shows signs of exhaustion. MACD remains bullish. DM+ and DM- are also bullish. Overall, the weekly time frame is losing bullish momentum.
Illustration 1.03
While many people point out the rising volume on the monthly chart, Illustration 1.03 takes a closer look at what is going on in the weekly time frame; the volume continues to decline since the recent high in price, which does not support the bullish narrative for this cryptocurrency.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
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