- Ripple has lost 0.8 percent at press time for today’s trading session.
- The daily charts show the markets are still biased for short positions.
- The daily chart indicates the market will break below the $0.228 support levels.
- Intraday traders will also find shorting oppornuties on the hourly charts.
- Hourly charts also shows that the market is on a short term bearish flag which has lost volatility and trading sideways.
Ripple opened today’s trading session at $0.2329, reaching highs of $0.2338 and lows of $0.2306. At press time, the crypto was trading at $0.2311 after the prices lost 0.80 percent of its value. Today’s market prices have already erased the gains made yesterday, when intraday trading for the day was bullish.
Ripple price analysis on the daily chart
For three consecutive days, Ripple has failed to break the support level at $0.228, hitting the level twice on the daily chart. The chart also shows that the prices have resumed their bearish move on the daily chart, which for this week had been trending downwards, with the exception of yesterday, where intraday traders went long on the cryptocurrency.
The daily charts indicate that investors are still strongly biased to the downside, with the longer trend showing that the prices have just come out of a bearish flag with high volatility, which pulled back yesterday for intraday traders.
Ripple next move on the daily
The price analysis on the daily indicates that the bearish move has resumed today after yesterday’s bulls. The support levels at $0.228 are expected to be broken, with the prices moving out of the structure and starting a bearish move.
This is confirmed by the RSI indicator readings which are currently in their mid-30s and approaching the oversold region. This shows that the crypto is still biased for the short, with a high likelihood of breaking the support level at $0.228. Therefore, short positions on daily charts is a plausible trade for long term traders. This is in line with our previous analysis of the crypto.
Ripple Intraday Trading
The prices on the 1-hour ripple chart shows that the crypto is currently trading on a bearish flag, with prices moving within an ascending channel. However, this channels seems to have lost momentum in the last few hours, after failing to hit the resistance levels of the upper trend line after opening the markets near the $0.2343 pivot support level S1 on the hourly charts.
The hourly charts show the prices approaching the lower trendline of the lower channel, where it will likely face some resistance. However, with decreased volatility on the bearish flag, the prices seem to have lost all the momentum of continuous trading in the ascending channel. Therefore, prices will most likely break from the ascending channel to the downwards and approach the $0.2289 support levels.
A combination with larger timeframes indicates that the hourly price charts will more likely see a push to the downside after testing the support level of $0.2289. If this happens, the next stop for the prices will be on the S2 support levels at $0.2222.
Therefore, for short term ripple intraday traders, the short position is the most plausible trade for the day. Price action and indicator analysis show that the markets are still biased to the downside, even on lower timeframes.