- Ripple price is under pressure today as XRP price corrected 10% in just two trading days.
- XPR price sees earlier support holding for now, but tailwinds start to fade.
- Expect bears to push for another leg lower towards holding another 8% losses.
Ripple (XRP) price is on the back foot for a second day as bulls see their attempts for a pop higher being blocked by the tilted orange upper boundary line. Following the rejection by that and the bounce off the green ascending trend line, bears have now taken control of XRP price action. Expect further downside as bears are dictating for now. Look for proper support levels from which to pick up XRP coins at a discount.
XRP price sees first halt for bears and initial entry for bulls
Ripple price is under pressure as the sell-off accelerates during the second down day for XRP.. Bulls saw bears taking over on a pivotal moment with the rejection at the intersection from the green ascending trend line and the orange descending boundary line. Bears have come in strong and pushed price action back towards $1.09.
XRP price reaction should not come as a surprise, as the bearish hand was already visible earlier last week. The candles of November 09 and 10 were not able to hold above the orange upper boundary line, reflecting the pivotal shift in volume from buy-side to sell-side. The fade from the orange line means bears have had almost a whole week to gear up and build momentum in their favor. The Relative Strength Index (RSI) confirms this as it has broken below the neutral area and still has more room to go before touching the oversold barrier.
XRP/USD daily chart
Expect XRP bears to take profit at $1.09 and possibly test $1.05 as the RSI still holds more room to fall. Bulls could use these levels as entry points for a fade-in trade. If more headwinds pop up, expect a move towards the 200-day Simple Moving Average around $1.00. This would probably put the RSI in oversold and therefore see bears taking their profits and coming out of significant short positions, offering bulls a chance to take over the helm again.
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.