Ripple Price Analysis: XRP is Rolling Back to the 2018 Bear Zone

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  • Ripple’s XRP is likely to run a bearish retracement before the rally continues
  • XRP price is nearing the long-term falling trend-line (yellow in the chart provided below) with a possible bounce
  • Technical indicators turned bearish following the significant price reduction in the market

The past few days, trading has made the Ripple coin market to see a severe price reduction, which paints an ugly scenario as a result of enormous selling pressure in the market. As a matter of fact, the cryptocurrency had been down by 38% over the past 20 days of trading.

Today, the market has quickly recovered back by 3.50% under 24-hours of trading – this shows a little commitment from the bull sides. More price gain can be expected if the bulls continue to step into the market. If they fail, the bearish rally will become more significant and severe.

Ripple’s Current Statistics

Trading Price: $0.34

Market Capitalization: $14,648,226,948

Trading Volume: $1,974,658,251

Key Resistance Levels: $0.35, $0.37, $0.40

Key Support Levels: $0.31, $0.3, $0.283

Ripple Price Analysis

Over the past few weeks, we have seen the rollercoaster (parabolic) movement of Bitcoin and how it shapes the direction and pattern of other top cryptocurrencies in the entire crypto economy.

But the story has been the other way round against BTC trading. While other best-performing coins enjoy the ride against USD, Ripple’s XRP has suffered a bearish action on both the USD and BTC pair over the past weeks.

Now, the cryptocurrency had clearly signaled another bearish phase after breaking down a two weeks channel pattern on Wednesday. In a short time, the XRP price may drop to the critical support at $0.3 if the supply remains heavy. Meanwhile, close-by support lies at $0.31. A possible break at the $0.3 support could fall the mark back to the April low of $0.283 – A complete bearish condition.

As we can now see on the price chart, XRP volume is dropping, and that could amount to more selling pressure in the market. However, the market seemed to have located support at around the $0.31 area. If the bulls can sustain the market above this price area, we can expect buying pressure towards the $0.35 and $0.37 resistances, retesting the channel support. A further rise could bring trading back within the channel boundary, testing $0.4 resistance.

Conclusively:

It’s imperative to keep an eye on the mentioned key levels for Ripple (XRP), especially the $0.3 support for a complete bearish confirmation and the $0.4 resistance which might welcome the bulls back in action. As of now, the market is wildly bearish.

Ripple’s Technical Indicator Reading

MACD moving average has recently crossed to the negative zone as it produced more bearish histogram alongside – the sign for a more bearish scenario.

RSI is now revealed low as it meets reliable long-term support at the 30 level – an indication for a hefty sell-off in the market. If it turns hugely oversold, the price of Ripple’s XRP will fall below the crucial level of $0.3.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Michael Fasogbon: Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.