Ripple Price Forecast: Why XRP/USD Freefall To $0.19 Imminent?
- Ripple is staring into the abyss after $0.20 support gave in to the increasing seller grip.
- A falling triangle pattern spells doom for XRP/USD as bearish signs point to $0.19.
Ripple, for a couple of days this week was at its tipping point ($0.20). This followed a reversal from an incredible rally that hit a wall marginally above $0.21. However, with the price action currently extending far below $0.20, it seems the direction XRP will be following in the coming sessions has already been decided.
Related content: Ripple Price Make Or Break At $0.20 Pivotal Level
XRP/USD is teetering at $0.1970 at the time of writing. As mentioned, gains above $0.20 became unsustainable just as the seesaw movements at $0.20. The immediate downside is supported by the 50 Exponential Moving Average (EMA) in the 4-hour range. Buyers are fighting for gains in order to regain control of the $0.20 level.
XRP/USD 4-hour chart
On the upside, the 21 EMA is standing in the way of the price action. Correction above this moving average could blast Ripple into a trajectory above $0.21 in a similar manner as witnessed on July 6 when the price rallied from $0.1750 to highs above $0.21 on July 9. Farther up above the current market value, is the falling triangle resistance. The action above this triangle is likely to see the bulls push above $0.21 and pave the way for gains above $0.25.
Read also: Ripple’s ODL Service In Australia Records Low Liquidity
Meanwhile, the prevailing technical picture continues to deteriorate. The Relative Strength Index (RSI) has a gradual negative gradient towards the oversold region. In addition, the Moving Average Divergence Convergence has crossed under the midline, reinforcing the selling activities. It is apparent that losses would continue in the short term. If the triangle support caves in, we can expect Ripple to plunge to $0.19 support and even refresh lower levels.
Ripple Intraday Key Levels
Spot rate: $0.1968
Relative change: -0.00048
Percentage change: -0.24%
Trend: Bearish
Volatility: Low
A falling triangle pattern spells doom for XRP/USD as bearish signs point to $0.19.
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Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Thu, 16 Jul 2020 03:10:54 +0000
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