- Ripple bulls fail to defend the 23.6% support, in turn, opening the Pandora box.
- All eyes are on $0.20 in the event $0.2150 tentative support is shuttered.
Ripple price was not spared from the cyclone-like bearish wave that swept across the market last week. The bearish price action stayed intact during the weekend session with a target set at $0.20.
The push by the bulls to sustained XRP above the 23.6% Fib retracement level taken between the last swing high of $0.2674 to a swing low of $0.2184 at $0.23 did not yield. Instead, the depression continued below the next tentative support at $0.2250 as well as $0.2200.
Unfortunately, the downward momentum is at its peak and XRP still has eyes on $0.20. According to the current technical picture, XRP will continue to explore the downside. For instance, the MACD’s bearish cross emphasizes the rising bearish pressure. The RSI is back under 30 (oversold region).
Recovery will not come easy for XRP and from a technical perspective, XRP is yet to find credible support and a buy zone where buyers are will take a risk and bet on a significant reversal.
XRP/USD 1-hour chart
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