Ripple price analysis: XRP/USD charts death cross, price to plummet?
- XRP/USD has gone down from $0.303 to $0.300 this Monday.
- The price has had a negative breakout from the channel formation.
XRP/USD had a bearish Monday, wherein the price fell from $0.303 to $0.300. Currently, the bulls are struggling to stay above the $0.300-level. The hourly price chart shows us that the price fell from $0.303 to $0.299. Following its brief fall from the $0.30-zone, the bulls stepped back in and took the price back up to $0.301, before the bulls corrected it to $0.300.
XRP/USD daily chart
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The 200-day simple moving average (SMA 200) has crossed over the SMA 50 curve, charting the “death cross” pattern. This is a very bearish sign, which signifies that the price may fall further. The daily chart was trending in a channel formation before the price had a bearish breakout. The 20-day Bollinger jaw is widening, which shows increasing market volatility. The moving average convergence/divergence (MACD) indicator shows decreasing bullish momentum. The relative strength index (RSI) indicator is trending around 42.50.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
