Ripple Price Analysis: XRP/USD spirals in freshly reignited downward momentum

  • Ripple dives towards the tentative support at $0.2100 amid renewed bearish momentum.
  • The technical picture suggests that XRP bulls should brace for more losses, especially if channel support gives in.

Ripple has ignited the bearish momentum breaking the weekend-long support at $0.2160. The losses come after an attempt to break out from the descending channel resistance failed. Besides that, the 100 SMA on the 1-hour chart made the channel resistance strong and unbreakable.

At the time of writing, XRP is trading 1.96% lower on the day after to correcting from the opening value of $0.2175 to the current $0.2133. The momentum is strongly bearish and the high volatility suggests that the buyers are in for a ride.

Technically, the ongoing bearish momentum will take center stage in the coming sessions on Monday. The RSI is back into the oversold, encouraging the sellers to increase their entries. The gap between the 50 SMA and the 100 SMA is also widening to show that the bears are back in action. Besides the channel support, XRP will find support at $0.2120 as well as $0.2100 and $0.2000.

XRP/USD 1-hour chart


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