Ripple Technical Analysis: XRP/USD ravages through $0.20 support in fresh December declines
|- Ripple painfully thrust through the critical support areas at $0.2200, $0.2100, and $0.2000.
- The technical picture for XRP is bearish, but the shrinking volatility hints an end to the downward momentum.
Spot rate: $0.1991
Relative change: 0.006745
Percentage change: 3.28%
Trend: Bearish
Volatility: Shrinking
XBT/USD daily chart
In spite of the losses under $0.2000, XRP is still trading within the confines of a falling wedge pattern.
An immediate reaction to the wedge pattern will form Ripple’s recovery trajectory towards the psychological $0.3000.
The RSI displays oversold conditions for XRP. In other words, a reversal could be in the offing.
XRP/USD 4-hour chart
Ripple continues to pull further away from the descending trendline resistance, making recovery a pipe dream.
If bulls do not push for recovery above $0.2000, the short term support at $0.1900 will remain in jeopardy.
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