Ripple Bears Advance Warning To Bitcoin And Ethereum Bulls


Yesterday, there was a solid increase in bitcoin and Ethereum, but ripple price failed to gain momentum against the US Dollar. It seems like XRP’s failure to gain strength was a warning sign that BTC and ETH might also struggle to continue higher.

Recently, both BTC and ETH declined around 5% and trimmed most gains. Ripple also started a fresh decline after it failed to surpass the main $0.2000 resistance area.

A swing high was formed near $0.1986 before the price declined below $0.1950. Moreover, there was a break below a major bullish trend line with support near $0.1955 on the hourly chart of the XRP/USD pair.

The price is now trading well below the $0.1950 level and the 100 hourly simple moving average. Besides, it broke the $0.1920 support and traded close to $0.1880. A low is formed near $0.1884 and the price is currently consolidating.

It climbed above the 23.6% Fib retracement level of the recent decline from the $0.1986 high to $0.1884 low. An initial hurdle is near the $0.1925 and the 100 hourly SMA.

The first key resistance is near the $0.1950 level and a connecting bearish trend line on the same chart. Additionally, the 50% Fib retracement level of the recent decline from the $0.1986 high to $0.1884 low is near the $0.1935 level.

Therefore, an upside break above $0.1935 and $0.1950 is needed for a decent upward move. The main resistance is still near $0.2000, above which the price could move into a positive zone.

On the downside, an initial support is near $0.1900 and $0.1880, below which there is a risk of more losses below $0.1850 and $0.1820.

Looking at the chart, ripple price is showing bearish signs below $0.1950 and it could decline further if both bitcoin and Ethereum continue to slide in the near term.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More