by Lucas Bedwell on October 12th, 2018

Ripple Analysis – Only one support is left

Last instrument in the technical part will be Ripple, previously mentioned on our portal on the 18^th of September. Back in that day, we were bullish, which was quite surprising because how can You be bullish on the cryptos nowadays? Back in that day, XRP was drawing an interesting double bottom formation and we said this:

“Currently, we do have high chances for a double bottom formation and a bullish reversal scenario. This positive sentiment will be denied when the price will touch today’s lows, which currently is less likely to happen. „

ripple chart

That was definitely a great call as in the next few days, the price almost doubled. October is pretty bad though. The price declined from around 0.6 USD to 0.4 USD seen yesterday. Actually, yesterday, we touched an important support – the neckline of the double bottom mentioned in our previous analysis (blue). As for now, we do have a bounce. No wonder, this is the last support that is left. Breakout will give us a strong sell signal. As long as we are above, buyers can still have hope.

By Lucas Bedwell

With 3 years of trading experience across Forex, stocks, and cryptocurrencies, Lucas Bedwell has honed his market insights. His close connection to financial markets allows him to craft compelling copy, offering readers valuable perspectives and analyses that reflect his deep understanding of trading dynamics.

Comments (1 comment(s))

Rogerthat

Followed your original post and bought some xrp so was up over $500 over my original past xrp investments. Decided to hodl hoping for a repeat breakout and that it holds above.