2019-1-18 18:44 |
XRP Daily Chart – Source: Tradingview.com
XRP’s price has been becoming increasingly bearish as the week progresses.
Last week, the price of XRP broke bearishly out of a descending triangle which is a typical trend continuation pattern.
After a number of tests at resistance at $0.335, the price has started forming lower highs, and each daily candle has been reflecting an increasing possibility of the next significant move being bearish.
While the week started with candles recording increases and testing $0.335, the more recent tests have been weaker.
Yesterday’s candle was a Doji which is a candle that forms when the open and the close are around the same point.
This shows indecision in the market and reflected weakness in price pushing up to test $0.335 yesterday.
Today’s candle is recording a loss and trading further away from the $0.335 level.
Price is currently trading just above $0.32 but looks more likely to continue downward from here.
XRP 4-Hour Chart – Source: Tradingview.comThe 4-hour XRP chart shows in more detail each test getting progressively weaker.
The first test took place on high levels of momentum to the upside.
The second test was weaker with price only briefly trading near the level.
Price failed to reach the level on the third test and has started to move downward from here.
Key Takeaways: After a bullish start to the week, the price of XRP has become progressively weaker as the week continues. Price has tested the $0.335 resistance three times in recent price action with each test being weaker. The price is starting to form lower highs, a more bearish price pattern. Latest Ripple News:Ripple Issues a Statement on “Biased Nonce Sense” Paper
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DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Ripple’s XRP: Price Progressively More Bearish as Week Wraps Up was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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