Ripple's XRP: The outperformer becomes underperformer
- XRP turns lower even as others turn up.
- The larger trend has turned down and has way lower to go.
XRP, the second largest crypto finally gave up to the pressure of relentless attacks by bears when it was trying to show a brave face even as all the other cryptos were crashing like nine pins, but not anymore as the last man standing has fallen too, just when all the others have bottomed out in the near term.
XRP/USD is down more than one percent on day at $0.354 and near low point of the day. On the 180-minute chart of the crypto whose parent aims to shorten global cross-border payments transaction time, it has turned lower from the upper end of the channel it found itself stuck in.
Falling prices coupled with falling RSI, rising bollinger bands range and falling MACD, all signal that the trend has turned down and has some more pain left in this downleg. First major support in this downmove is at $0.329 where 21 days SMA is placed and then lower towards lower end of the bollinger bands, $0.267 on the daily.
XRP/USD 180-minute chart:
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Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
