- Ripple price renews bearish sentiments after failing to break above $0.21 resistance and hold above $0.20.
- XRP/USD symmetrical triangle support breakdown hints further losses towards $0.1750.
The last 48 hours have particularly been hard on Ripple bulls as well as the rest of the buyers in the cryptocurrency industry. The downtrend happens to follow Bitcoin (BTC) tumble to levels under $9,000 after the largest cryptocurrency failed to break above the resistance at $10,000 earlier in the week. Ripple also failed to overcome the seller congestion zone at $0.21, a situation that culminated in more selling activity.
Sellers exerted more pressure on the tentative support at $0.20 to the extent that the bearish action broke below a key symmetrical triangle pattern. XRP/USD is back to trading in the $0.19 range even as the trend becomes more bearish. The slide below the triangle resistance could sabotage the support at $0.19. Earlier this month, Ripple nosedived to lows around $0.1750. Recovery from the dip has not been forthcoming except for the fact that the price stepped above the short term resistance at $0.2055.
XRP/USD 1-hour chart
At the time of writing, Ripple is exchanging hands at $0.1925. The Relative Strength Index appears to be slowing down the downtrend. Possibly, consolidation will take place above $0.19 as long as the RSI stays above 50 (average).
On the upside, $0.20 is now the immediate resistance keeping buyers at bay. It is vital that this resistance is overcome soon to allow a shift of focus to higher levels at $0.25 and $0.30. Buyers must also be aware that the longer the price stays under $0.20, the stronger the bearish grip gets.
Ripple Key Intraday Levels
Spot rate: $1922
Percentage change: -0.9%
Relative change: -0.001726
Trend: Strongly bearish
- Bitcoin Miners Likely Behind Crash Below $19K, Here’s Why
- India’s Crypto Exchanges In Trouble? 1% Tax Keeps Traders Away
- Crypto Exchange KuCoin Denies Rumours of Them Halting Exchange Withdrawals
- Elrond Price Jumps By 9% Over This Announcement
- XRP Holding Better Than Most Altcoins, Here’s Why
- Breaking: Polygon, Major Blockchains Hit With Network Attack
- New Crypto Rules In Europe: A Global Standard For Regulation?
- Third Biggest Whale Adds 1,416 Bitcoins In Last 2 Days; Will This Pump BTC?
- ‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- DOGE Price Analysis: Pullback Opportunity Eyes its Next Jump to $0.1
- Sandbox Price Analysis: Emerging Pattern May Soar SAND price by 20%
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5