Ripple price analysis: XRP/USD unable to hold on to early gains, several confluences on daily time frame for bearish trend to continue
|- Several confluences observed on the daily time frame for continued bearish trend.
- Support eyed at $0.51, resistance tracking at $0.83 should there be some renewed upside.
The Ripple price is seen down around 4% on Tuesday, after initially starting the day in the green. There was a brief rally seen yesterday, after the bears dominated the markets over these last weeks. It could a short break, before the trend lower continues.
Ripple has lost some 80% from the peak highs in January around $3.30, with the price just 65% away from a complete retracement of the end 2017 bull run. It has been over two weeks since the price has been above the psychological $1.00 mark.
XRP/USD technically still looks bearish on the daily time frame, there are a few indicators of the trend looking dominant; gravestone doji candlestick on 5th March, where the upper wick touched the 50 and 100 DMA cross over. Elsewhere, the price is stuck within a descending channel lower, which remains respected. XRP/USD is still below the key support trend line that has been running from the back end of 2017, which gave way to the downside on 9th March. Support tracking at $0.51 bottom line of channel, with resistance seen at $0.83 on the daily chart, crossover of trend lines.
XRP/USD daily chart
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