Ripple Price Forecast: XRP/USD Stubborn Trendline Resistance Hints Free-fall To $0.1850
- Ripple faces growing resistance at the trendline further putting to great risk the support at $0.19 and $0.1850.
- XRP/USD could settle for consolidation if support above $0.19 is defended at all costs.
Ripple’s drop on Monday refreshed the lows traded last week around $0.1850. This resulted in the formation of a double-bottom pattern. The pattern is very popular in technical analysis and it is used to signal a reversal from a downtrend. As expected, Ripple reversed the trend almost immediately, stepping above $0.19.
The bulls extended the leg upwards but failed to break the hurdle at $0.1950. The trendline resistance also stood in the way of the bullish action. Ripple resumed the downtrend resting the short term support at $0.19. At the time of writing, the fourth-largest cryptocurrency is trading at $0.1916 and holding the position above the 100 SMA in the hourly range.
XRP/USD 1-hour chart
High congestion of bulls at $0.19 is bound to stop declines toward the main support at $0.1850. Technical indicators such as the RSI and the MACD emphasize on sideways trading action. For instance, the MACD is moving sidelong at +0.00083. This means that buyers are relatively in control. The consolidation is confirmed by the Relative Strength Index (RSI).
On the upside, resistance at $0.1950 is them buyers’ nightmare. If broken, a breakout could emanate, sending Ripple above $0.20. Meanwhile, support above $0.19 is currently key to breaking the stubborn descending trendline resistance. Note the longer the price stays under the trendline, the stronger the bears become; a situation that could force Ripple to retest levels towards $0.18.
Ripple Intraday Key Level
Spot rate: $0.1915
Relative change: -0.000999
Percentage change: -0.52%
Trend: Bearish
Volatility: Expanding
XRP/USD could settle for consolidation if support above $0.19 is defended at all costs.
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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 Tue, 16 Jun 2020 10:07:21 +0000
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