Ripple Price Analysis: XRP/USD freefall to $0.1250 imminent
|- Ripple price struggles to contain the losses above $0.18 (immediate support).
- The prevailing technical picture remains drab on Easter Monday with sellers eyeing $0.15 and $0.1250 respectively.
Ripple price recently stepped above $0.20 for the first time since the massive selloff on March 12. Unfortunately, minor progress was made towards $0.30 as a monthly high was formed at $0.2068. XRP/USD slipped under the 38.2% Fibonacci retracement level of the last swing high at $0.3467 to swing low of $0.108. The selloff continues over the Easter weekend forcing Ripple back under $0.20.
Meanwhile, XRP/USD is dancing with $0.1834 after a 3.41% loss on the day. $0.18 is a short term support area while the immediate upside is limited by the 50 SMA. Also offering support is the Bollinger Band daily middle curve.
According to the RSI, Ripple price bearish bias is bound to continue in the coming sessions, especially if the support at $0.18 is shattered. The increasing gap between the 50 SMA and the 200 SMA also puts emphasis on the selling action.
On the other hand, the MACD shows that all is not lost for Ripple. While the recovery from the lows in March has slowed down at the mean line, the ongoing sideways motion suggests that buyers have not entirely lost their grip. In this case, a bounce from the short term $0.18 support is possible.
XRP/USD daily chart
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