- Ripple bears gather pace, aiming for a test of $0.20 mark.
- Correction to extend in the near term amid bearish technical set up.
- Hourly RSI is heading into oversold territory, still not out of the woods yet.
Ripple (XRP/USD) is extending Sunday’s losses and the correction from the seven-week highs of 0.2357 reached last Thursday. The price met fresh supply in the last minutes and now loses nearly 5% to trade around 0.21 region, quickly reversing a dip to 0.2073 low. The third-most favorite cryptocurrency has started out a fresh week on a bearish note, tracking the negative sentiment across the crypto space. Its market capitalization stands at $9.34 billion.
Short-term technical outlook
As seen on the hourly sticks, the price spotted a rising channel breakdown in early Asia, having failed to resist above the rising trendline (channel) support at 0.2163. The breakdown occurred after the 21- hourly Simple Moving Averages (HMA) breached the 50 and 100-HMA from above and paved the way for a steeper fall towards the $0.2000 mark.
Over the last hour, the coin ran through fresh offers after a brief consolidative stint, now looking to accelerate the downside after the bounce was rejected at 200-HMA at 0.2121. The hourly Relative Strength Index (RSI) is probing the oversold territory, suggesting further scope for the downside.
Alternatively, a sustained move above the 200-HMA will drive the pair towards the support-turned-resistance near 0.2160 where the bearish 21-HMA coincides. All in all, the path of least resistance appears to the downside.
XRP/USD 1-hour chart
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