The weekly cloud support shows that XRP could come crashing down on the investors’ heads as the altcoin fell back to the bottom of this support level where the bulls were trying to hold. In our ripple price news, we are reading more about the price analysis.
Weeks ago, XRP was outperforming the rest of the market which came as a surprise for Ripple investors and other holders. However, the recovery which was supposed to happen, it came short as the altcoin fall back to the bottom of the weekly cloud support where the bulls were supposed to lift it up. If the cryptocurrency loses this level again, the asset could come crashing down on the investors’ heads who have already sustained frustration in the past few years.
XRP showed the investors a glimmer of hope after the brutal trend of lows and general stagnancy compared to the rest of the space by surpassing the rest of the altcoins about a month ago in the week-over-returns. Since then, the cryptocurrency was hovering at around $0.25 per token which is the median price for all over 2020. Ripple seems to be going nowhere as the latest slow grind down is predicting a storm ahead and unless the weekly cloud support holds, the pain could come crashing down on the XRP investors.
XRP is currently holding the bottom of the weekly cloud support and if it losses it, it could cause storms ahead. The Ichimoku cloud looks forward as much as it looks back and the cloud is now getting green suggesting that future bullish price action in the weekly timeframe. Another sign that XRP is holding strong and could surge higher is the fact that the tankan-sen is above the kijun-sen indicators which usually signal a bullish price action.
On the weekly timeframes, the bearish crossover marked by the red “X” marks the main bearish crossover which brought the bear market. So, is this the first bullish counterpart that was started weeks ago or is it a sign that Ripple will hold on and find the next higher target from now on?