- Ripple prices have dropped for the second day in a row.
- Daily charts indicate that the prices will continue with its bearish move and might retest the $0.218 support level.
- Short term traders on the hourly chart should also be looking for short positions after the prices break out of the bearish flag.
- The hourly chart also shows that the prices might be headed for a retest of $0.218 support level.
Ripple has lost 0.14 of its value at press time, trading at $0.2454 after reaching highs of $0.2647 and lows of $0.240. Today’s market trend has been a continuation of a bearish move that started yesterday, with markets closing at -1.87 for the day.
Ripple daily price analysis
The daily chart price analysis shows that the currency has been bullish for a long time, whereby after every bullish spike, the crypto prices have retraced to retest the ascending trendline support. However, the prices bouncing from the ascending trendline just a few days ago have failed to break a resistance level at $0.2604 resulting in a bearish move that started yesterday and has persisted to today’s trading session.
The resistance and support analysis indicates that the prices, after failing to break the resistance level yesterday and continuing to show bearish bias for today, are likely to retest the $0.2185 support levels, which were set when the prices touched the ascending trendline support levels.
A combination of the analysis with the MACD indicator, which still shows that there is a strong bullish divergence on the prices, shows that the prices will most likely bounce off the $0.2185 support levels. If this happens, the prices will have started a strong bullish move that will push past the previous $0.2604 resistance levels, to retest the long term descending trendline from the monthly charts.
Ripple 1-hour chart price analysis
The hourly chart indicates that the crypto prices are in bearish flag, after a strong bearish rally came to an end. the prices, which are trading within an ascending channel, are expected to break out of the structure to the downside.
Short term traders, therefore, should be looking for short positions, while keeping an eye on three important levels that have developed, using the weekly pivotal levels, that is, pivotal level $0.242, pivotal support level S1 at $0.234 and pivotal weekly resistance levels R1 at $0.255.
Short term traders on the hourly charts should note that the prices have bounced off the pivotal level $0.242, which has set the prices on a bearish flag for the last few hours. The prices currently trading within an ascending channel, should they break to the downside, will be heading towards the pivotal level $0.242 and retest the support again before heading for a strong bearish move to the downside, which is likely to hit the pivotal support level S1 at $0.234.