Ripple is falling back in the red territory and XRP made a new lifetime low of $0.19638, which is a bearish sign. The straight fall from $0.31519 has plunged the RSI into deeply oversold territory. The crypto asset’s value has been gravitating on a daily chart within a descending channel since June. The channel has been tested severally on both sides. Additionally, the price is trading below the 50-day and 100-day moving averages on H4 chart.
Ripple price recovery will not come easy as long as the RSI stays close to or below 30 (on daily chart). The gradual slope of the RSI hints that the path of the least hurdles is to the south. But at the same time, this could indicates that the selling pressure has been overdone and a relief rally is likely. But to be on the safe side, Ripple must correct above $0.23 and focus of levels above $0.25. 0.2500 area is a psychological key resistance and was used three times recently. If the daily candle closes anywhere near or above it then the bulls could get excited and to continue towards $0.30.
Failure to move back through to $0.22 levels could see Ripple’s XRP fall for a 3rd consecutive day. A fall back through the morning low $0.2135 would bring the first major support level at $0.2050 into play.
Barring a crypto meltdown, however, Ripple’s XRP should continue to steer clear of sub-$0.20 levels.
Ripple price recovery will not come easy as long as the RSI stays close to or below 30 (on daily chart). The gradual slope of the RSI hints that the path of the least hurdles is to the south. But at the same time, this could indicates that the selling pressure has been overdone and a relief rally is likely. But to be on the safe side, Ripple must correct above $0.23 and focus of levels above $0.25. 0.2500 area is a psychological key resistance and was used three times recently. If the daily candle closes anywhere near or above it then the bulls could get excited and to continue towards $0.30.
Failure to move back through to $0.22 levels could see Ripple’s XRP fall for a 3rd consecutive day. A fall back through the morning low $0.2135 would bring the first major support level at $0.2050 into play.
Barring a crypto meltdown, however, Ripple’s XRP should continue to steer clear of sub-$0.20 levels.
Comment:
Still the price can not make daily close above the 0.2330/40 resistance and the consolidation extended.
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