#Ripple
Here you can see the power of being patient and waiting for confirmation. Do you remember what I was talking 2 weeks ago? I was waiting an entire week to see a weekly close above 5200. That would be sign for me to keep my long positions opened and to add more.
The entry was at 5000 (I shared a signal with entry between 4900 and 5100).
Because I got great entry, I had that opportunity to allow myself holding position and waiting for confirmation.
It didn’t happen, I took 50% of positions off. Then I was monitoring daily time frame and took 50% on the move up around 5400.
Then I tried with long around 5300 with tight stop-loss at 5200 to give it a try but got stopped out on that small long.
This is what the trade management and confirmation look like. No close above, you have to take risk off. Check our previous weekly update where we suggested you do the same.
What now?
This looks disgusting in my opinion. Being rejected from weekly MA forming bearish candlestick formation and on top of that, close below support.
I will think of shorting this (probably I would skip that option unless I get great setup) but longing will happen only if we see ripple going back above 5500.
The only reason I have to give longs chance and why I am resisting to short is high lows on the daily time frame. If we lose this second low around 4600, I do believe a new low will be reached.
To conclude, we are not in a position and will enter only if we get a great setup. We shift our focus from Ripple since bullishness disappeared and we will come back when it becomes interesting again.
Here you can see the power of being patient and waiting for confirmation. Do you remember what I was talking 2 weeks ago? I was waiting an entire week to see a weekly close above 5200. That would be sign for me to keep my long positions opened and to add more.
The entry was at 5000 (I shared a signal with entry between 4900 and 5100).
Because I got great entry, I had that opportunity to allow myself holding position and waiting for confirmation.
It didn’t happen, I took 50% of positions off. Then I was monitoring daily time frame and took 50% on the move up around 5400.
Then I tried with long around 5300 with tight stop-loss at 5200 to give it a try but got stopped out on that small long.
This is what the trade management and confirmation look like. No close above, you have to take risk off. Check our previous weekly update where we suggested you do the same.
What now?
This looks disgusting in my opinion. Being rejected from weekly MA forming bearish candlestick formation and on top of that, close below support.
I will think of shorting this (probably I would skip that option unless I get great setup) but longing will happen only if we see ripple going back above 5500.
The only reason I have to give longs chance and why I am resisting to short is high lows on the daily time frame. If we lose this second low around 4600, I do believe a new low will be reached.
To conclude, we are not in a position and will enter only if we get a great setup. We shift our focus from Ripple since bullishness disappeared and we will come back when it becomes interesting again.
#Ripple
The move above trading range was bullish but the close back in the range is not something bulls wanted to see.
USD pair is still looking decent but XRPBTC pair is at the edge and move down could happen very soon that would be 20-30% at least.
Because USD pair is not bad, this still has the potential of reaching targets but it is very hard to say what will be the catalyst for that, up move on BTC or up move on XRPBTC.
The move above trading range was bullish but the close back in the range is not something bulls wanted to see.
USD pair is still looking decent but XRPBTC pair is at the edge and move down could happen very soon that would be 20-30% at least.
Because USD pair is not bad, this still has the potential of reaching targets but it is very hard to say what will be the catalyst for that, up move on BTC or up move on XRPBTC.
#Ripple
Definitely one of the worst performing major altcoins in this bull run.
ETH/BTC pair, for example, doesn’t look the best but ETHUSD pair made nice 3x while ripple is underperforming every expectation.
Some people will say it is lagging and it will moon too. I hope you are right but from my personal experience, if it is lagging, it usually does because it doesn’t attract buyers, not because it is waiting for something.
I used that strategy for more than a year and every time I ended up holding a coin that doesn’t attract the interest of the market participants.
Only close above range would mean something and could target that resistance. Without close, this coin is the first favorite for next bearish move.
Not holding and not interested in current price action. I am still thinking if pump happens, there will be no second leg up and that it will be nothing more than an exit pump.
Definitely one of the worst performing major altcoins in this bull run.
ETH/BTC pair, for example, doesn’t look the best but ETHUSD pair made nice 3x while ripple is underperforming every expectation.
Some people will say it is lagging and it will moon too. I hope you are right but from my personal experience, if it is lagging, it usually does because it doesn’t attract buyers, not because it is waiting for something.
I used that strategy for more than a year and every time I ended up holding a coin that doesn’t attract the interest of the market participants.
Only close above range would mean something and could target that resistance. Without close, this coin is the first favorite for next bearish move.
Not holding and not interested in current price action. I am still thinking if pump happens, there will be no second leg up and that it will be nothing more than an exit pump.
It’s a little bit weird how a lot of banks had maintenance almost at the same time. What is even weirder, the majority of them are partners with #Ripple. Is there some news coming?
#Ripple
In the middle of nowhere looking terrible.
Next support: 1500 sats
First resistance: 4500 sats
It will go up only when we see weekly closure above resistance (4500 sats).
If you are trying to catch the falling knife, you can try buying 1500 support.
It will probably pump from that level but in general, this coin is in serious trouble at least in comparison to Bitcoin.
In the middle of nowhere looking terrible.
Next support: 1500 sats
First resistance: 4500 sats
It will go up only when we see weekly closure above resistance (4500 sats).
If you are trying to catch the falling knife, you can try buying 1500 support.
It will probably pump from that level but in general, this coin is in serious trouble at least in comparison to Bitcoin.