XRP flash-crash to $0.80 ahead unless buyers enter at support

XRP price drops below the lower support line of a bear flag.
Daily candlestick closed below the Cloud.
Final support is near, and failure to hold could be fatal for XRP.

XRP price, like the rest of the cryptocurrency market, has experienced significant bearish activity with persistent selling pressure throughout the trading day. Bears have been successful at testing and breaching critical support levels.

XRP shows signs of extreme weakness – oscillators warn of an impending bear market unless buyers step in

XRP price action is undeniably bearish. From the most recent swing high of $1.35 on November 10^th to today’s swing low of $1.02, XRP has lost nearly 25% of its value. That loss may continue if XRP bulls continue to fail.

The weekly chart for XRP shows the close is now below the Cloud. If the weekly candlestick has a sustained close below the Cloud, it will be the first time since July 31^st2020. In addition, the weekly Relative Strength Index is sloping south below the first overbought level at 55 and the Composite Index looks to cross below its final moving average from a neutral condition. Those two factors point to an extended bear market unless buyers flood into XRP.

Any daily or weekly close below $0.98 would likely trigger a torrent of short selling. The Volume Profile only gets smaller below $1.02. The $0.84 price level is the final upper support zone for XRP price. A flash-crash from $0.84 to $0.65 is very likely.

XRP/USDT Weekly Ichimoku Chart

However, bulls could very quickly take over. As bearish as the current conditions are, the threshold of returning XRP price to a bull market and positioning it for a renewed bullish expansion phase is not difficult to attain. A weekly close at or above $1.18 would initiate an Idea Bullish Ichimoku Breakout pattern for XRP, likely setting the stage for a run towards new all-time highs.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.