- Ripples recent consolidation above $0.3 opened the Pandora box with losses hitting $0.24.
- To escape the bear pressure, Ripple has to reclaim the position above $0.30.
Ripple joined other major cryptocurrencies in adding sorrow to a bleeding market. The consolidation above $0.30 level culminated in acute declines at the Bollinger Band constriction. The painful downtrend bled the bulls dry as they pushed against vital support areas at $0.28 and $0.26.
The intense pressure on key support levels saw $0.24 support tested for the first time since August 2018. Although $0.24 has been rock-solid support, volatility is still very high across the market. For this reason, If Ripple fails to correct above $0.30 in the short-term, potential for declines towards $0.2 is immense.
Ripple price technical picture
Looking at the 4-hour chart, XRP/USD path of least resistance is still south. Technical indicators are strongly bearish accept for the Relative Strength Index (RSI) which has hit oversold levels. Emergence above the oversold could signal more buying orders.
On the other hand, the Moving Average Convergence Divergence (MACD) has a wide negative divergence. This means that bear pressure is still high despite the shallow recovery to $0.26 (current market value). To escape the bear pressure, Ripple has to reclaim the position above $0.30.
XRP/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin miner Marathon Digital stock gains ground after listing by S&P Global
Following Bitcoin miner Marathon Digital's inclusion as an upcoming member of the S&P SmallCap 600, the company's stock received an 18% boost, accompanied by an $800 million rise in market cap.
Ethereum traders show uncertainty, SEC delays decision on Invesco's ETH ETF application
Ethereum holdings on centralized exchanges continue to decline despite recent whale sales. With the SEC delaying its decision on Invesco's spot ETH ETF application, Ethereum ETFs look more unlikely.
TON crosses $200 million in Total Value Locked as its network integration continues to scale
In a recent development, the TON network surpassed $200 million in total value locked (TVL) on Monday after seeing a major boost through The Open League reward program.
Grayscale GBTC sees second straight trading session of inflows at almost $4 million
Grayscale spot Bitcoin ETF has recorded inflows of over $3.9 million on Monday, marks second successive trading session of infux. GBTC broke 77-day deadlock pattern on Monday with up to $63 million inflows.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.