Ripple Technical Analysis: XRP/USD suffers a devastating blow as 88 million tokens remain stolen

The PlusToken scam still has an effect on XRP as 32 million tokens were just sent to HBTC.
XRP has failed to hold $0.30 and it’s now trading at around $0.27.

Lorenzo Stroe Independent Analyst

The weakness of XRP is quite apparent as the digital asset gets closer to a crucial support level at $0.255. This low formed on August 27 is really the only support level on the way down beside the 100-EMA and the 200-EMA.

XRP/USD daily chart

There has been a clear shift in momentum for XRP on the daily chart which is now in a downtrend or at least extremely flat. Bulls have lost both the 26-EMA and the 12-EMA and they have been rejected from $0.30 again.

We are seeing a significant increase in trading volume over the past 24 hours due to the overall market weakness and the MACD continuously in red.

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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