• 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

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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Vitalik Buterin slams controversial gambling project ZKasino following scam allegations

Vitalik Buterin slams controversial gambling project ZKasino following scam allegations

Ethereum founder Vitalik Buterin took to Warpcaster, a new type of social network, to condemn ZKasino, a decentralized gambling platform based on Layer 2 Ethereum protocol zkSync.

More Cryptocurrencies News

Starknet jumps 2% after notice inviting specific groups to claim STRK airdrop

Starknet jumps 2% after notice inviting specific groups to claim STRK airdrop

Starknet Foundation addressed the groups within the STRK community that were unable to receive the token’s airdrop during the first round. The Layer 2 chain organized an airdrop event in February.

More Cryptocurrencies News

XRP price capped at $0.55 despite retail holdings nearing all-time highs

XRP price capped at $0.55 despite retail holdings nearing all-time highs

Ripple price (XRP) failed to break resistance at $0.55 early Wednesday as traders continue to digest Ripple’s recent response to the Securities and Exchange Commission’s (SEC) allegations of illegally selling XRP as a security. 

More Ripple News

Binance founder Changpeng Zhao could face three-year jail time

Binance founder Changpeng Zhao could face three-year jail time

US prosecutors are requesting Binance founder and former CEO Changpeng Zhao (CZ) to serve a three-year jail time, according to a Reuters report published Wednesday. 

More Binance News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP