Analyze graphs: Ripple again goes to look for a new bottom

Despite the relatively good results in comparison with the rest of the stock market, the Ripple was not able to gain enough momentum in order to retain their positions in the price. The cryptocurrency fell below 0.43 per dollar, failing to hold a key support level. In the near future we will witness another wave of dump XRP.

The General situation looks like this:

  • Ripple price tested the level of 0.45 in the dollar, but was unable to consolidate above;
  • on the 1-hour chart the asset fell below the triangle support (0,43 USD);
  • soon the bitcoin will continue the descent below 0.40 in the dollar.

At the moment, XRP is trading just at the level of 0.40 dollars. Over the past 24 hours, the coin has lost 7 percent of its value.

Technical analysis

For the past three days, the bears managed to turn the situation to auction the Ripple completely in their favor. Asset was unable to break through the resistance area 0.45 dollar and rapidly went downhill. XRP is not yet able to grow above the 100 SMA (on a scale of 1-hourly chart), so any growth in near future is not expected.

So, on the chart are now playing the role of the three lines curve 100 SMA, downtrend and support in the area of 0.40 dollars. The ripple triangle already broke, so the pattern played a role in the bidding. At the moment the Ripple tends to drop below 40 cents (or has already fallen, as you read the article). Below this zone, while there is no reliable lines, so to predict next bottom is quite difficult.

Image source — NewsBTC

But some experts believe that in a short time, Ripple at even overtake Bitcoin in many respects. Recall that XRP is already ahead of Ethereum and took second place on Coinmarketcap.

The readings of technical indicators signal about selling. MACD is in bearish zone and RSI (1 hour chart) is much below the average. Our recommendation — short with a stop loss just above 0.45 dollar.


Leave a Reply

Your email address will not be published.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