Ripple price analysis: XRP/USD the bulls need a breather

  • The gain trimming exercise comes after Ripple has had a couple of successful trading weeks.
  • The unstoppable bear pressure likely to increase the losses towards $0.3000.

XRP/USD continued to explore the levels to the south following the trend reversal that started on Thursday. The gain trimming exercise comes after Ripple has had a couple of successful trading weeks starting from the dip on March 26 around $0.2876. The bullish momentum aimed for $0.4 but the trend made no significant moves after brushing shoulders with $0.3800. Instead, the price started correcting lower above the short-term support at $0.3500.

The bear pressure across the board yesterday saw XRP/USD slide below the rising trendline. The grip the bears had on the price increased as the price dropped below the 50 SMA 1-hour. The 100 SMA 1-hour close to the 50% Fib retracement failed to offer support resulting in extended losses below $0.3300 support.

The bear pressure is still unstoppable in the European session. XRP/USD is battling to find balance at the 38.2% Fib level slightly above $0.3200. As far as technical analysis goes, Ripple is poised for a decline in the short-term. The RSI in the overbought is yet to find a bottom while the moving average convergence divergence (MACD) is diverging further down to show that the bears are gaining traction. If a reversal fails to occur in the short-term, XRP/USD could test $0.3100 and even refresh the lows towards $0.3000.

XRP/USD 1-hour 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.