Ripple Price Analysis: This 4-hour chart doesn't look so great
- Ripple is trading 5% lower on Monday crypto sentiment takes a dive.
- The price is now heading toward the 0.1800 support zone.
XRP/USD 4-hour chart
Ripple is having a tough time on Monday and the bears are in full control. On the 4-hour chart below, once the wedge was broken to the downside it seems the price capitulated. The psychological 0.20 has been a big support in the past and now it has been broken and used as resistance again as the pullback from the break lower kicked in.
Looking closer at the indicators, the price is now trading below the 55 and 200 moving averages. There was not even time to use them as support zones as the sell off was soo strong. The Fibonacci 50% zone has already been used support and it also confluences with the 0.180 psychological level. Another break below this level could spell trouble for the pair,
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
