- Ripple holds above $0.20 amid the strengthening bearish grip.
- XRP/USD could dive to $0.1750 and $0.1500 if the triangle support is broken.
Ripple is settling in for consolidation above $0.20. This follows a negative price action from the seller congestion zone at $0.21. The support has been instrumental to the stability in the last couple of days. However, all attempts to clear the hurdles under $0.21 have been thwarted by the strong bearish grip.
At the time of preparing this analysis, XRP/USD is dancing with $0.2022. Buyers are facing increasing selling pressure. Moreover, the high volatility greatly puts short term support at $0.20 in jeopardy. Also in line to offer support is the 38.2% Fibonacci retracement level taken between the last drop from $0.3491 to a swing low of $0.10.
From a technical perspective, XRP is poised to continue with the bearish inclination in the coming sessions. The RSI, when taken into account shows that bears are in the driver seat. The high concentration of buyers at $0.20 and the 38.2% Fibo are aiding in averting losses that could test other support areas at $0.19 and $0.1750.
XRP/USD daily chart
On the other hand, the formation of a symmetrical triangle pattern introduces a bullish and a bearish scenario. If the price embarks on a journey of breaking barriers, starting with the hurdle at $0.21, gains above the triangle pattern would pave the way for more action towards $0.25. On the flip side, XRP is grinding closer and closer to the triangle support. If the support is shuttered, a nosedive to $0.1750 is possible. Moreover, the major support at $0.1500 could also be tested. For now, the best idea for the bulls is to keep the price above $0.20.
Ripple Intraday Key Levels
Spot rate: $0.2038
Trending Stories
Relative change: -0.001447
Percentage change: 0.7%
Trend: Bearish
Volatility: Low
Low: $0.2008
High: $0.2053
- 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
- Breaking: El Salvador Buys 80 Bitcoin (BTC), Here’s How Prices Reacted
- 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
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?