Ripple price analysis: XRP/USD on the verge of rising channel breakdown


  • Ripple joins the rest of the cryptocurrencies in declines leaving the ascending channel support vulnerable.
  • The short-term support at $0.28 level better holds to avoid breakdown towards $0.22.

The bears have in full swing resumed their control over the entire cryptocurrency market. Even assets that have been immune to losses in the past few days such as XRP are feeling the pinch. The entire crypto market is in the red with XRP correcting lower 0.89% and still counting.

From an opening price of $0.2839, XRP/USD is teetering at $0.2816. The ascending channel (could also be an extended bearish flag pattern) I discussed yesterday is on the verge of giving in to the negative pressure. A break under this pattern is likely to impact negatively on Ripple price with a possibility of disintegrating to September lows under $0.22.

Ripple price is trading above the Simple Moving Averages (SMAs0 whereby the confluence formed by the 50 SMA on the 720’ chart and the 100 SMA is ready to protect the downside above $0.26. The Relative Strength Index (RSI) is making a sharp retreat from the overbought; a sign of stronger bearish momentum in action.

XRP/USD 720’ chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin may surpass $9,000 as early as this weekend

Bitcoin bulls hit a brick wall on the approach to $9,000. The first digital coin settled at $8,960 after several unsuccessful attempts to pass this barrier.  At the time of writing, BTC/USD is up 2.5% since the beginning of the day.

More Bitcoin News

Bitcoin closes in on $9,000, IOTA and Ethereum Classic bulls unstoppable

Sounds of happiness and cheer fill the cryptocurrency space on Friday following an impressive turnaround from the drab start during the Asian session, to incredible upward movement in the European session. 

More Cryptocurrencies News

DASH has low chance to be classified as a security

DASH, now the 13th largest digital asset with the current market value of $1.15 billion, topped at $144.75 on January 15 and retreated to $124.00 by the time of writing.

More Dash News

Ethereum Price Analysis: ETH/USD bulls in tactical retreat after a failure at $170.00

Ethereum, the second-largest digital asset with the current market value of $18 billion, has been gaining ground after a short-lived retreat on Thursday. The coin has gained over 3% on a day-to-day basis and 2.8% since the beginning of Friday. 

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bulls piggy-back on altcoins rally

This week was marked by a strong altcoins rally on the cryptocurrency markets. Bitcoin SV (BSV) and Dash experienced the sharpest price increase over 100% in recent seven days...

Read the weekly forecast

BTC

ETH

XRP