Ripple Market Update: Will XRP/USD bulls hold $0.30 support after BitMEX flash drop to $0.15?

Ripple has continued to face rising selling pressure following a rejection from the yearly highs at $0.3397. Bulls have already endured a 2% loss on Friday. Besides, the support at $0.32 has given in to the rising selling activity. However, with low volatility during the European hours, Ripple is likely to hold contain the losses above the key support at $0.30.

XRP flash drop to $0.15 on BitMEX agitates investors

BitMEX is dealing with a backlash from traders following a 60% flash crash in single candlestick. Crypto communities mainly on Twitter have highlighted the matter talking about a probable liquidation on BitMEX. However, BitMEX has refused to take responsibility for the flash crash denying its involvement in the incident.

Some traders complained that their stop losses failed to trigger leading to their accounts being wiped out. The incident is currently being referred to as “XRP bitMEX’d.” One traders blamed XRP itself for its inability to hold. Interestingly, BitMEX has said that there is not going to be any rollback of funds for traders who claim their stop losses failed to trigger.

Ripple price technical analysis

Ripple price has broken under a short term ascending trendline. Technical analysis shows that the bearish momentum could last longer. The RSI, for instance, is pointing south after the break down below the overbought region. If the next support at $0.31 is cleared, XRP is likely to retest the key hurdle at $0.30. Moreover, the MACD’s bearish divergence is anything go by, the bulls will have a hard time relaunching XRP towards $0.34 resistance area.

XRP/USD 2-hour chart