Ripple price analysis: XRP/USD reverse gears engaged as $0.20 beckons profusely

November 2019 has not been good for the cryptocurrency market. Some digital assets such as Ripple continue to be depressed under key resistance levels. Major support levels keep getting shuttered. At the same time, the hunt for a formidable bottom catches momentum with the hope that an end-year rally is still achievable.

Meanwhile, XRP is dancing with $0.2517, although it opened the day’s trading at $0.2519. XRP managed to jump to $0.2532 and has touched an intraday low around $0.2509. The key support I discussed yesterday at $0.25 failed to hold. The rising selling momentum in the American session on Monday saw XRP/USD test $0.24.

Ripple is still trading in the confines of the forming falling wedge pattern. This shows that a reversal is possible but it will not come easy. The RSI is in the oversold region as a signal for a stronger selling grip but also a indicator of a reversal around the corner. On the upside $0.26 is a new resistance ‘zone couple with the hurdles at $0.27, and $0.28.

XRP/USD 4-hour chart