- Ripple trend analysis still entrenched in the bearish zone
- Falling price channel threatens to revisit December lows
- Bulls must target $0.3850 to restart the next price rally upwards
Ripple trend analysis is showing a double-top formation that threatens to derail the otherwise mediocre bull run further. The XRP/USD price moves south as the falling 200-day SMA amplifies the daily charts’ descending price channel. The $0.3700 level is emerging as a considerable resistance where sellers aim to derail the price.
Ripple price has successively failed to cross the $0.3700 level. The price recently touched a low of $0.3040, which is dangerously close to the crucial $0.300 support pivot point. The move printed a ‘double top’ pattern on the charts, thereby sending the XRP trading community in jitters.
On the news front, the Financial Services Agency of Japan has stated that XRP is not a security. The news is crucial to the Ripple trend analysis on the fundamental viewpoint. The legal status of XRP is a confusing arena, and many regulators have differed about its security status in the past. It remains to be seen if the FSA’s statement will have any bearing on the United States SEC’s litigation.
Ripple price movement in the last 24 hours – Traders price in a bearish wave
The 0.287 level is a crucial support for the XRP/USD pair. While the pair moves in a stable range-bound trajectory, the pair is reflecting a negative bias. Traders are pricing in another round of bearish movement if the pair goes under the $0.287 level. Recent green candles on the hourly charts do rekindle some hope of a sustained recovery.
An asymmetrical triangle is emerging on the hourly charts, which brings back memories of December lows. The sideways movement may go below Tuesday’s low levels, where the emerging short-term triangle is still in play. The bulls further face a challenge from MACD readings, which favor the declining 200-day SMA on the daily charts.
If the price does break out of the bearish triangle hold, the Ripple trend analysis will face headwinds and move towards December lows. In doing so, XRP/USD will defy any hopes of a quick recovery. The price will funnel down the December lows and trigger an extended bear run. A combination of below-par MACD and RSI readings are not helping the bulls either.
XRP/USD 4-hour chart – Ripple is strictly range-bound and stagnant
Ripple trend analysis is no different right now than any other cryptocurrency. After last week’s correction, the price is trading within a tight range of $0.165 to $0.384, with technical indicators mostly in the neutral zone. Traders are looking for signs before entering the market, which is evident from the low volumes.
The 20-day simple moving average gives a reading under 50, which means the Ripple trend analysis can swing either way. Currently, the demand-supply picture is balanced without any tilt towards either side. Ripple is probably awaiting signals from the broader market.
The XRP bulls must take the price beyond $0.384, where the 20-day exponential moving average resides. The hourly charts show that the price is moving towards the center of the converging Bollinger Bands. There are an inverse’ head and shoulders’ pattern emerging on the charts that should further worry the bulls. Another downturn may be around the corner if the Ripple price breaks below the $0.169 level.
Ripple trend analysis conclusion – Bullish hopes are fading fast
The current Ripple trend analysis suggests that the price is slowly grinding towards a lower range. The bearish symmetrical triangle is further encouraged by the 200-day SMA that converges downwards from the present $0.367 level. The upper price range is capped at $0.3850, and the bulls must attempt to close the price above this level to infuse any bullish hopes.
A vigorous attempt to go past $0.3850 can take the price towards the next resistance at $0.4381. The sellers await the bulls at every resistance pivot upwards. With a downward sloping price channel, the ambition to reach $0.3850 seems far-fetched as XRP/USD remains under pressure.
Fresh selling round will ensure price touches $0.2845 before any immediate support kicks in to save the pair. Broader crypto market recovery will help trigger a bull run that may see $0.4375 on the XRP charts. To sum up Ripple’s trend analysis, the XRP/USD is undergoing fresh selling pressure from the bears, and a return to December lows is a highly likely possibility.
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