Published June 17, 2022
The Ripple(XRP) price breached the May low support of $0.34, indicating the sellers are ready for another leg down. With the 20-day EMA providing a constant resistance, the altcoin is threatened to slump 20% down to $0.25 psychological support.
XRP/USDT price chart shows a similar bearish trend mimicking the broader market trend and falls 77% from the 52-week high level at $1.41. The recent selling spree cracks under the support zone at $0.335, resulting in a fallout drop at the $0.30 mark.
However, the long-tail formations at $0.30 halt the downfall and retest the bearish breakdown of the demand zone at $0.335. Hence, the bullish breather seems to be a highly dangerous place to buy for short-term gains as the rapid reversal possibilities are incredibly high.
Yesterday’s bearish engulfing candle undermined the retest reversal, and the long-wick formation in today’s candle hints at a bearish continuation tonight.
The price action analysis shows previous support levels at $0.25 and $0.17, where sellers can expect the fallout rally to take a break.
Conversely, the bullish breakout of $0.34 can result in a price jump to the overhead resistance level at $0.40.
The 20-and-50-day EMAs maintain a bearish alignment and show a falling trend in motion, fueling the correction phase in XRP prices. Moreover, the 20-day EMA remains a crucial dynamic resistance provider keeping the bullish growth in check and opposing the recovery rally.
Coming to the DMI indicator, the DI lines maintain a bearish alignment, and the drop in ADX represents a rise in trend momentum due to the post-retest reversal. Hence, traders can expect the falling prices to cross below the $0.30 mark.
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