Ripple Price Analysis: XRP/USD facing big game changer, bears readying for complete reversal of 2017 bull run, free fall is near
- Ripple price took another blow on Monday, nursing losses of 3.5% in the latter stages of the session.
- XRP/USD is to have a huge test of vital near-term support eyed at $0.2475 (14th August low).
- A breach of above-mentioned support could see a free fall to tests $0.2000 to the downside.
The Ripple price on Monday was hit with another blow, as bears bite once again, seeing it in negative territory by 3.5%. Across the crypto market further bloodshed can be witnessed, as panicked is sparked given the pace of the momentum to the downside.
XRP/USD in August crashed lower to print at $0.2475, which marked the lowest level seen since December 2017, making a huge test for a total reversal of the 2017 bull run. Indicators remain pointed firmly to the downside, eyes will be anxiously on the 14th August low, to see if any last support can be found there.
Technically for XRP/USD, should $0.2475 (14th August low) fail to produce support and the bears manage to breach this, then the flood gates are likely to be opened. Further selling pressure could hit Ripple hard, seeing the next demand zone come into play, testing $0.2000 to the downside. A drastic move south as mentioned above, would mark a complete reversal of the big bull run commenced at the back end of 2017.
XRP/USD daily chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
