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.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
