Manoj B Rawal
Independent Analyst
- Short term medium term charts pointing a breakdown.
- Can it be a bear trap?
Ripple price formation over last the few days isn't showing any rosy picture. If at all, the short term and medium term outlook looks shaky for the bulls and if heavy counter trend bounces do not occur that takes it past some key resistances, the price may just keep falling some more.
XRP/USD is down around 5 percent on day at $0.822, but off the lows of the day of $0.798. What worries the bulls is the formation of breakdown on the hourly and 120-minute charts on a frequent basis. Last weekend it broke down on the hourly chart (read here) and today it is on the verge of breaking down on the 120-minute charts too.
On top of these breakdowns is the fact that it has not been able to break past long term ascending trendline which is hovering at round figure $1.00 markcurrently. The only respite bulls might get is from 200 days SMA, which is exactly around the current price, $0.809 and RSI which is nearing oversold zone on intra day charts.
XRP/USD 120-minute chart:
XRP/USD daily chart:
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