Ripple Price Analysis: XRP/USD new downtrend is bad news for the bulls
- The price of XRP is currently at $0.2670 after a major rejection from $0.2800.
- XRP is one of the few big coins that has decisively lost its daily uptrend.
Unfortunately for XRP, bulls were not strong enough to hold the daily uptrend and bears have confirmed a downtrend. It is unclear when the selling pressure will end as there are almost no support levels on the way down.
XRP/USD daily chart
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The daily chart looks extremely bad for bulls after losing both the 12-EMA and the 26-EMA, which are on the verge of a bear cross. Unfortunately, because the way up was so strong and fast, buyers couldn’t set many support levels and XRP is now in free fall.
The next significant support level is at $0.2480 and $0.2000. Anything else in between doesn’t represent any threat to the bears.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
