If coins like Bitcoin and Ethereum cannot pick up their feet, I just don’t see how one that is so highly sensitive to a potential verdict in the court case is going to do any better.
Ripple initially showed signs of life Tuesday but did very little in the way of momentum. The $0.33 level continues to be an area of interest in this market, but there’s nothing on this chart that even remotely looks like a bullish move waiting to happen. We had recently broken through a descending triangle, which measures for a move to approximately $0.20, and I think we will go lower than that given enough time.
When you look at this market, it’s easy to see just how soft it has been over the last several months, and with the SEC lawsuit going on forever, it’s difficult to see how it will get the green light to go much higher. Beyond that, crypto is dead money at the moment, so with all of these issues, we will more likely than not see this as an opportunity to short yet another crypto with leverage, given signs of exhaustion. The market has the 50-day EMA sitting at about $0.43 and dropping quite drastically. In this type of environment, it’s difficult to imagine a scenario where you’d want to go “all in” when talking about Ripple.
We are in an environment where several ecosystems are going to disappear, and a lot of tokens are going to go to zero. I don’t necessarily know that Ripple is one of them, but it certainly doesn’t look like it has much of a bright future at this moment. I think given enough time, we will probably see this market try to make some type of stabilization move, but right now I just wouldn’t put a lot of money or faith into this market.
If coins like Bitcoin and Ethereum cannot pick up their feet, I just don’t see how one that is so highly sensitive to a potential verdict in the court case is going to do any better. The very first thing you need to see when it comes to any crypto market is for Bitcoin to rally. After that, you need to see Ethereum do the same thing. Then, and only then will you have any potential whatsoever of a rally in some of the smaller markets. If the SEC lawsuit goes in favor of Ripple, that could send this market straight up in the air, because it is used by a handful of banks and other parts of the world.