Ripple Price Analysis XRP / USD: Bearish Breakout
Ripple is back under heavy downside pressure, following a sustained bearish breakdown under the psychological $0.30 support level. The cryptocurrency is now at serious risk of falling back towards its current yearly trading low.
With bearish momentum growing, the XRP / USD pair has shed around 5% of its value since the start of the week and now trades down by around 15% on a monthly basis.
The XRP / USD pair has lost its bullish short-term trading bias since falling under its 200-period moving average on the four-hour time. Furthermore, the price action surrounding the cryptocurrency has been extremely bearish since the loss of the $0.30 level last week.
The four-hour time frame also shows that a bearish trendline break has occurred, with the cryptocurrency vulnerable to further declines while trading under the $0.28 level.
Higher time frame analysis shows that a bullish inverted head and shoulders pattern will be invalidated if buyers fail to defend the $0.25 support level.
It is imperative that that the bullish pattern remains valid, as the pattern has an upside projection that could take the XRP / USD towards the $0.50 level over the medium-term.
If the bearish pattern is invalidated the XRP / USD pair could fall towards the currently yearly trading low, around the $0.21 level. The overall invalidation target of the bullish pattern could take the XRP / USD pair towards the $0.18 support level.
According to the latest sentiment data from TheTIE.io, the short-term sentiment towards Ripple is neutral, at 52.00 %, while the overall long-term sentiment towards the cryptocurrency is also neutral, at 50.00%.
XRP / USD Daily Chart by TradingView
Upside Potential
The four-hour time frame shows that buyers must reclaim the $0.28 level in order to regain the XRP / USD pair’s bullish short-term trading bias.
Key technical resistance for the XRP/ USD pair above the $0.28 level is currently located at the $0.29 and $0.30 levels.
Downside Potential
The four-hour time frame is showing that the XRP / USD pair has strong short-term technical support around the $0.25 level.
Key technical support below the $0.25 level is currently found at the $0.23 level and the current 2019 trading low, around the $0.21 support level.
Summary
Ripple has seen a bearish sentiment shift since falling below the psychological $0.30 level.
Going forward, if the $0.25 support level is broken the XRP / USD pair’s medium-term trading prospects could suffer a severe setback.
With bearish momentum growing, the XRP / USD pair has shed around 5% of its value since the start of the week and now trades down by around 15% on a monthly basis.
The XRP / USD pair has lost its bullish short-term trading bias since falling under its 200-period moving average on the four-hour time. Furthermore, the price action surrounding the cryptocurrency has been extremely bearish since the loss of the $0.30 level last week.
The four-hour time frame also shows that a bearish trendline break has occurred, with the cryptocurrency vulnerable to further declines while trading under the $0.28 level.
Higher time frame analysis shows that a bullish inverted head and shoulders pattern will be invalidated if buyers fail to defend the $0.25 support level.
It is imperative that that the bullish pattern remains valid, as the pattern has an upside projection that could take the XRP / USD towards the $0.50 level over the medium-term.
If the bearish pattern is invalidated the XRP / USD pair could fall towards the currently yearly trading low, around the $0.21 level. The overall invalidation target of the bullish pattern could take the XRP / USD pair towards the $0.18 support level.
According to the latest sentiment data from TheTIE.io, the short-term sentiment towards Ripple is neutral, at 52.00 %, while the overall long-term sentiment towards the cryptocurrency is also neutral, at 50.00%.
XRP / USD Daily Chart by TradingView
Upside Potential
The four-hour time frame shows that buyers must reclaim the $0.28 level in order to regain the XRP / USD pair’s bullish short-term trading bias.
Key technical resistance for the XRP/ USD pair above the $0.28 level is currently located at the $0.29 and $0.30 levels.
Downside Potential
The four-hour time frame is showing that the XRP / USD pair has strong short-term technical support around the $0.25 level.
Key technical support below the $0.25 level is currently found at the $0.23 level and the current 2019 trading low, around the $0.21 support level.
Summary
Ripple has seen a bearish sentiment shift since falling below the psychological $0.30 level.
Going forward, if the $0.25 support level is broken the XRP / USD pair’s medium-term trading prospects could suffer a severe setback.
פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.