Ripple facing tremendous bearish pressure!

BITSTAMP:XRPUSD   Ripple / Dollar
Ripple continues its drop and is seeing tremendous bearish pressure as it maintains its bearish channel formation. With continued bearish pressure, we see the first major level of resistance at 2.2225 (38.2% Fibonacci retracement , 50% Fibonacci retracement , horizontal overlap resistance, channel resistance) and a further drop could occur below this level towards first intermediate support at 1.5960 (61.8% Fibonacci retracement , horizontal swing low support) before major support at 1.2434 (78.6% Fibonacci retracement , horizontal pullback support).

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This analysis is provided as general market commentary and does not constitute investment advice.
1.25 is the way it goes, don't try to elevate this because the news if news where bullish we should see a real move, right now many people is buying at 1.25 so price is falling and then going up to wave 3 because we are in wave 2 of a large uptrend, hope wave 5 end in 15 usd or more, imagine you buy at 1.25 and you hold until 15 or 100, how much money could you make?
I just mentioned this exact thing on another idea. Ada and xlm is moving, while xrp is stuck...bears holding it down and accumulating for the right moment to let it fly.....coinbase listing
But @Tickmill is right the Selling pressure is tremendous and still very present. which is totally normal, the growth has been too quick and too big. So now the question is: will it find support on 128000 or not? ... Only time will tell. Good luck!
At this point both scenarios are very plausible. Taking XRPETH, It's the pair I trade.

But EEEEaaaazyyyy,

Buy order at 128700, if one of the next 3 candles (1hr) closes below 127500, you close the trade and make another buy at 87950.

Closing trading is not loosing. It is understanding the situation you are in and anticipate what to do next. I love closing trades because it means that I getting the coin way cheaper.

+1 Antworten
xastunts BabasNumbaOne
@BabasNumbaOne, sure if everything goes as planned! closing it and then it jumps up again!! aaaaaah! I have seen it happens!
Any update please?
@alfamir, As far as I'm concerned, the prevailing bearish line has been broken- it's a buy for me.
+1 Antworten
WizardOfRealms tradeformula
@tradeformula, agreed
+2 Antworten
It will reverse now, because of fundamentals.
If it clears 2.25 range..then the bearish case is over ?right
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