XRP bearish wedge target reached or stil one more drop
Diupdate
XRP has been the worst alt for the long term believers. This one showed some bad signs the past months, but i did not expect it being this bad while the whole market almost doubled. Some signals that one of the big guys at Ripple has been dumping xrp for quite some time now. So maybe it's even him putting pressure on this one. But to be honest, i did not look into this and don't even know how much volume he has compared to the daily volume.
Anyway, this bearish wedge is something i posted in Dec 2018, pointing out the danger of this pattern. From my previous analysis:
I usually don't do the btc' pairs, but these 2 patterns could be significant though. Since they show a mid/long term picture for XRP' and possibly even for the entire market.
On the left we can see a big inverse H&S while on the right we can see a big bearish wedge . At the moment we are still at the support line of the bearish wedge , so there is not much room left. The USD' pair is also still moving inside the 0.36 and 0.4 range. A break of this range will probably give us the answer to which pattern will play out and possibly even where the entire market is headed to.
Because my view has been bullish since Dec it was very hard to think that XRP would perform this bad. That one of the most famous alts coins in the market would even drop while the rest of the market would double up. Now it's even in a worse shape than the past months, breaking that support line on the left. Now it looks like a bear flag is in the making, below that trend line. So at first sight it looks very bad. But when zooming in, we can see a small double bottom in the making. It is at this very moment at it's support line (blue). If that breaks we could be headed to the low of that bear flag.
A zoom in makes it a bit more clear where the short term levels are:
Now on the right, that big bearish wedge. Problem with this one is, what is the start of the wedge (the start is usually the target as well)? Did we already break it, are we at it right now or will it continue to dump even more to the lowest one.
On the left i have shown a possible bear trap scenario, which is a pure assumption right now, based on nothing, but something that can happen. So i think, that if the market dumps again and xrp breaks this bear flag, it's only hope might be a move like this. Otherwise, there is no way of telling where this might end.
Previous analysis:
Anyway, this bearish wedge is something i posted in Dec 2018, pointing out the danger of this pattern. From my previous analysis:
I usually don't do the btc' pairs, but these 2 patterns could be significant though. Since they show a mid/long term picture for XRP' and possibly even for the entire market.
On the left we can see a big inverse H&S while on the right we can see a big bearish wedge . At the moment we are still at the support line of the bearish wedge , so there is not much room left. The USD' pair is also still moving inside the 0.36 and 0.4 range. A break of this range will probably give us the answer to which pattern will play out and possibly even where the entire market is headed to.
Because my view has been bullish since Dec it was very hard to think that XRP would perform this bad. That one of the most famous alts coins in the market would even drop while the rest of the market would double up. Now it's even in a worse shape than the past months, breaking that support line on the left. Now it looks like a bear flag is in the making, below that trend line. So at first sight it looks very bad. But when zooming in, we can see a small double bottom in the making. It is at this very moment at it's support line (blue). If that breaks we could be headed to the low of that bear flag.
A zoom in makes it a bit more clear where the short term levels are:
Now on the right, that big bearish wedge. Problem with this one is, what is the start of the wedge (the start is usually the target as well)? Did we already break it, are we at it right now or will it continue to dump even more to the lowest one.
On the left i have shown a possible bear trap scenario, which is a pure assumption right now, based on nothing, but something that can happen. So i think, that if the market dumps again and xrp breaks this bear flag, it's only hope might be a move like this. Otherwise, there is no way of telling where this might end.
Previous analysis:
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Zooming in sometimes makes this easier. That wedge played out perfectly eventually, even though things looked very bad before the rally, with the whole alt market that was completely dead. Anyway, against resistance now, so if the xrp bulls can make a flag against the resistance, it will be very likely to see another jump up. As you can see, it also looks like a inverse H&S, so if that resistance breaks, the false break out on the daily will be confirmed. Want to say it can be the start of something, but XRP has been complete crap the past half year.
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