Your favorite crypto news blog

Weekly Cloud Indicator: XRP May Rain Down Pain On Ripple Investors

Altcoins 2020/09/25 03:00 by Tony Spilotro

Weeks ago, XRP outperformed the rest of the market, surprising Ripple investors and other crypto holders alike. A recovery looked to be in full effect, but the altcoin has since fallen back to the bottom of weekly cloud support where bulls are trying to hold.

If the cryptocurrency loses cloud support on weekly timeframes, it could rain down a storm of pain on XRP investors who have already sustained so much frustration in the last few years.

XRP Ready To Fall Out Of Cloud Support, Storm Of Pain Could Strike Holders

XRP finally showed investors a glimmer of hope that after a brutal trend of deeper lows and general stagnancy compared to the rest of the space, by beating the rest of majors about a month ago in week-over-week returns.

Since then, the cryptocurrency has once again been hovering at around $0.25 per token, which is roughly the median price throughout all of 2020.

Related Reading | Underdog Story: Why XRP Could Soon Outperform Bitcoin And Ethereum

Ripple appears to be going nowhere fast. The latest slow grind down is now potentially forecasting a storm ahead, and unless weekly cloud support holds, pain could soon rain down even harder on XRP investors.

xrp ripple ichimoku cloud

XRPUSD Weekly Ichimoku Cloud Support Holding | Source: TradingView

Ichimoku: The “At A Glance” Indicator That’s More Than Meets The Eye

XRP us currently holding the bottom of weekly cloud support, and losing it could spell a storm ahead.

However, the Ichimoku indicator, which loosely translates to “at a glance,” is actually more than meets the eye.

The indicator was designed by a Japanese journalist to provide a quick look at the bigger picture of the overall market, which is why the tool features so many different tools and lines.

The cloud is just one of many ways to read the Ichimoku. Support and resistance, for example, is also found by looking at the chikou span. The chikou span lags behind price action, showing there historical support and resistance lies, making it a logical place to act as such in present price action.

Related Reading | Why XRP’s Waning Momentum May Be The Calm Before The Storm Surge

Ichimoku looks forward just as much as it looks back, and the cloud is currently flipping green, suggesting future bullish price action on weekly timeframes.

Yet another sign that XRP will hold strong and instead surge higher, is the fact that the tenkan-sen is above the kijun-sen, signalling bullish price action.

On weekly timeframes, the bearish crossover indicated by the red “X” marks the first bearish crossover that brought about the bear market. Is this first weekly bullish counterpart, triggered just weeks ago, a sign that Ripple will hold just find at the cloud, and target the stars and moon next?

Featured image from Deposit Photos, Charts by TradingView

0 Like(s)

You should also read...

Bitcoin 15/06/20 18:00 by Tony Spilotro
About The Clouds: Bitcoin Holds Retest Of Key Weekly Level
Last night at 8PM eastern standard time, Bitcoin price closed its weekly candle at roughly $9,325. While the close marked yet another week of failed attempts to break above $10,000, it also marked the...
Read More
Altcoins 13/07/20 22:00 by Tony Spilotro
It’s Now Or Never For XRP As Technical Indicators Highlight Pivotal Moment
XRP, the fourth-ranked cryptocurrency in the space, has been among the industry’s worst performers. Yet investors in the asset still hold out hope for a repeat of the massive pumps Ripple is kno...
Read More
Altcoins 07/09/20 23:30 by Tony Spilotro
XRP’s 30% Decline Falls To Bottom Of Cloud, Stormy Days Ahead If Support Fails
XRP, like other major crypto assets Bitcoin and Ethereum, suffered a powerful collapse this week that turned sentiment from extreme greed to fear in a snap. The altcoin called Ripple fell by over 30% ...
Read More
Altcoins 19/10/20 19:00 by Tony Spilotro
XRP Triggers Signal Resulting In Nearly 80% On Average Rise Against Bitcoin
Bitcoin is more bullish than ever, and Ethereum has taken center stage of the hot to trot DeFi trend. XRP, however, has remained a laggard for two years running. But all this could soon change, as a s...
Read More
Altcoins 24/11/20 21:00 by Tony Spilotro
The Ripple Effect: 5 Key Factors Behind The 100% XRP Surge
After spending three years of the crypto bear market as the butt of all jokes, being compared to sheep manure, and much more, XRP has shocked the entire industry with a 225% single-month explosion. Bu...
Read More