Tuesday , May 11 2021
Home / XRP / Ripple (XRP) Signaling Bearish Breakdown But Can Bears Gain Control?

Ripple (XRP) Signaling Bearish Breakdown But Can Bears Gain Control?


Ripple is showing a few bearish signs below the $0.1980 resistance against the US Dollar. XRP price could start a strong decline if it breaks the $0.1900 support area.

Ripple price is still struggling to gain momentum above the $0.2000 resistance against the US dollar.
The bears were able to push the price below the key 100 hourly simple moving average.
There was a break below a major contracting triangle with support near $0.1980 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a major decline if it breaks the $0.1900 support area.

Ripple Price Showing Bearish Signs
After forming a top near the $0.2050 level, ripple started trading in a contracting range. XRP price traded below a couple of important supports near $0.2000 to move into a short term bearish zone.
Recently, there was a clear break below the $0.1980 level and the key 100 hourly simple moving average. The bears were able to clear a major contracting triangle with support near $0.1980 on the hourly chart of the XRP/USD pair.
Ripple Price
The pair spiked below the $0.1950 level and traded as low as $0.1921. Ripple is currently correcting losses and trading above the $0.1940 level.
It is testing the 23.6% Fib retracement level of the recent decline from the $0.2008 high to $0.1921 low. On the upside, there is a major resistance forming near the $0.1965 level and the 100 hourly simple moving average.
The 50% Fib retracement level of the recent decline from the $0.2008 high to $0.1921 low is also near the $0.1965 level to act as a major resistance. To move back into a positive zone, the price must settle above $0.1980 and the 100 hourly SMA.
The main hurdles are still near $0.2000 and $0.2025, above which the bulls are likely to aim a larger upward move in the coming sessions.
Downside Break?
On the downside, an initial support is near the $0.1920 level. If ripple fails to recover above the $0.1965 and $0.1980 resistance levels, it could dive below $0.1920.
The main support is near the $0.1900 area, below which the bears are likely to take control. The next stop for them could be the $0.1840 and $0.1800 levels in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining traction in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.
Major Support Levels – $0.1920, $0.1900 and $0.1880.
Major Resistance Levels – $0.1965, $0.1980 and $0.2000.
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.


Source link

About admin

Check Also

The ‘YOLO Economy’ Kicks off as Generation Lockdown Turns to Crypto for Financial Freedom

Fed up with lockdown life, under-employed or overworked, many people are ditching their old routines …

Leave a Reply

Your email address will not be published. Required fields are marked *