Bearish despite the positive news?

November 16, 2018 Ripple

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Ripple is trading in a downward channel between the minimum of $ 0.45 and the maximum of $ 0.55 price levels. With the increase in sales pressure, the market continues to decline

XRPUSD Short-term trend: bearish

As long as the sales pressure is huge, the XRP price will have some difficulties. The appearance of the short-term trend is heading into a fall wedge model is revealing the market to be bearish. Push and pull maintains and respects the trendline.

The 50 and 100 day moving average lines are pointing downwards: this is another sign that this pair is trending low below 100 MA and uses 50 MA as a support level. However, there is a high probability of repeating the support level test of $ 0.42 before making a bullish pullback.

XRPUSD Medium-term trend: bearish

With a simple glance at the four-hour chart, it is noted that the trend and the model of this pair are in a downward channel that is the confirmation of a bearish market. Over time, the chandeliers obeyed the channel by showing a decrease in the price of XRPUSD.

The XRP has recorded a downward movement for over eight years. This is due to the high supply strength of the sellers as they hold the lowest price to keep the trend in a pull. As seen in the medium-term perspective, bears lose momentum as the price reaches the support level of $ 0.45. The bulls will be on guard for intelligent entry as they push the highest price to the resistance level of $ 0.52, where the upper part of the downward channel is located.

The Relative Strength Index (RSI) Period 14 is at its low levels (40) and may indicate that the market is oversold.