- Ripple is having an awful 2019 despite unyielding support from the so-called “XRP army.”
- One widely-followed trader sees more pain for the third-largest cryptocurrency.
- There might be an opportunity for a relief rally, but ripple remains in a downtrend unless it prints a reversal structure.
And with the Swell conference out of the way, “The Standard” offers little to no catalyst that can ignite a bullish insurrection.
— Sir Gordon Gekko 🤴🏻 (@gordongekko369) November 21, 2019
What’s even worse is that bulls are virtually nowhere to be found. The cryptocurrency has been giving up so many key support areas that a widely-followed trader sees a massive dump on the horizon.
DonAlt: ‘The Price Action on XRP/USD Is Uncannily Technical’
There’s no doubt that XRP is in a downtrend in both the macro and micro scales. What’s remarkable about the cryptocurrency’s bearish price action is its textbook descent.
DonAlt, a trader who has amassed over 124,000 followers, shared a chart that illustrated the predictable downward spiral of the third-largest cryptocurrency.
The chart shows three key levels that led to the current ripple price plummet: $0.80, $0.50, and $0.30. All of these levels once served as durable supports. However, the bears were able to breach them all. More importantly, the cryptocurrency retested each level as resistance before the next leg down.
From the perspective of a technical analyst, ripple’s behavior is quite predictable.
Looking at the chart, it appears that the crypto token is done retesting $0.30 as resistance. Thus, it is very likely headed to the next support, which is at $0.19. That’s a nosedive of…