Ripple Price Forecast: XRP/USD Stubborn Trendline Resistance Hints Free-fall To $0.1850

John Isige Price Analysis Publish On June 16, 2020 | Modified On June 16, 2020

Image Sarah Ray (Medium)

Ripple Price Forecast: XRP/USD Stubborn Trendline Resistance Hints Free-fall To $0.1850

  • Ripple faces growing resistance at the trendline further putting to great risk the support at $0.19 and $0.1850.
  • XRP/USD could settle for consolidation if support above $0.19 is defended at all costs.

Ripple’s drop on Monday refreshed the lows traded last week around $0.1850. This resulted in the formation of a double-bottom pattern. The pattern is very popular in technical analysis and it is used to signal a reversal from a downtrend. As expected, Ripple reversed the trend almost immediately, stepping above $0.19.

The bulls extended the leg upwards but failed to break the hurdle at $0.1950. The trendline resistance also stood in the way of the bullish action. Ripple resumed the downtrend resting the short term support at $0.19. At the time of writing, the fourth-largest cryptocurrency is trading at $0.1916 and holding the position above the 100 SMA in the hourly range.

XRP/USD 1-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview

High congestion of bulls at $0.19 is bound to stop declines toward the main support at $0.1850. Technical indicators such as the RSI and the MACD emphasize on sideways trading action. For instance, the MACD is moving sidelong at +0.00083. This means that buyers are relatively in control. The consolidation is confirmed by the Relative Strength Index (RSI).

On the upside, resistance at $0.1950 is them buyers’ nightmare. If broken, a breakout could emanate, sending Ripple above $0.20. Meanwhile, support above $0.19 is currently key to breaking the stubborn descending trendline resistance. Note the longer the price stays under the trendline, the stronger the bears become; a situation that could force Ripple to retest levels towards $0.18.

Ripple Intraday Key Level

Spot rate: $0.1915

Relative change: -0.000999

Percentage change: -0.52%

Trend: Bearish

Volatility: Expanding


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John Isige 813 Articles
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