- XRP/USD November blues continue weeks after the Swell Conference.
- XRP threatens $0.23 USD in the coming days at wedge support tested.
- Is there a case for Perma bulls?
Since the Swell Conference earlier in the month, XRP/USD has performed rather poorly, seeing a drop from resistance levels at $0.31 USD at the time to $0.2532 USD, as at the time of writing. The down surge in price across November is issuing a frightening signal as bears increase pressure towards the support of the wedge.
Despite forcing a green long wick candle on Nov. 19, showing suppressed volumes on the buyers’ side, the XRP/USD bounced off minor support at $0.2434 USD, a worrying signal for bulls in the market. A close below the support level of the wedge, spells doom for the cryptocurrency perma bulls. Bears are gaining strength in the market offering a possibility to push the price towards $0.2300 support levels.
Looking at weekly charts, XRP/USD bounced off minor support trading an intra weekly low of $0.24600 before recovering shortly. However, with the price threatening to close lower for a fourth consecutive week, XRP/USD shorting opportunity looks ripe.
A case for XRP perma bulls
Despite the dropping value in the digital asset’s value in the past few days, daily oscillators show a possible bullish reversal is on the cards. The relative strength index (RSI) currently oscillates around 33 menacing around the oversold region which signals a possible oncoming reversal.
— Sir Gordon Gekko 🤴🏻 (@gordongekko369) November 18, 2019
The stochastic RSI oscillates in the oversold region making a case for possible bullish reversal. With trading liquidity across smaller exchanges
A Jed mistake?
The latest deal Ripple made with Jed Mcaleb, co-founder of Ripple and CTO at Stellar Network, allowing the Jed to sell off close to 1 billion XRP in 2020 up from 750 million, and a further extension to 2 billion XRP in 2021, serves bearish sentiments on XRP’s price. Through the year XRP investors have complained of Ripple’s quarterly market dump of XRP and the extension’s to Jed may cause further downward pressure on the coin in the coming years.
Images from TradingView
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Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.