XRP: Bears May Not Be Over Yet
Oct 18 2020
Ripple is moving to the downside since August with a five-wave drop from the 0.3295 highsl. So this appears to be wave A, as part of ongoing bearish reversal. In fact, current recovery looks very slow and choppy which usually indicates for a corrective a-b-c movement, ideally into a wave B that has already reached the first resistance at the previous wave four. Current intraday weakness may also cause a strong drop beneath the channel support which will open room for wave C down.
Another reason why we think this worth to keep an eye on another drop on ripple is Longs/Shorts ratio chart, which we see it at the upper side of a range, at the resistance zone and it's telling us market is positioned long, expectations are for the rise, so simply it may not happen so easily, especially if we respect the past two cycles.
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