Ripple (XRP) has continued to fall without restraining for the past couple of days. Since the cryptocurrency reached the peak price of $0.23, XRP has been falling by a series of breakdowns. Recently, the bulls were attempting to push the coin upward but a double bearish top pattern was formed at $0.215 resistance. This bearish signal made Ripple has a breakdown. The coin plunged to $0.197 low and corrected upward.
The upward correction made XRP to be trapped between $0.20 and $0.205 price levels. The crypto traded for over a week in the range before the coin has another breakdown below $0.20. Today, Ripple fell to $0.185 low but corrected upward to $0.195.
In other words, the market is currently trading between $0.185 and $0.195. After the last breakdown, the bulls have been attempting to break the $0.195 resistance. A break above $0.195 will propel XRP to rally above $0.205 resistance. Nonetheless, the upward move is doubtful as bulls lack buying at higher price levels. The recent poor performance has made Ripple not to recover since April.
XRP recent breakdown may result in a sharp decline
On the daily chart, the downtrend continued as bears broke the $0.20 support to reach the $0.185 low. As price breaks below the support line of the ascending channel, there is a likelihood of further depreciation. The coin corrected upward but is facing resistance at $0.195 high. Ripple will drop again to $0.14 low if the current resistance is not breached.
Key levels to watch
- Key Resistance Zones: $0.35, $0.40, $0.45
- Key Support Zones: $0.25, $0.20, $0.15
The Stochastic Indicator
Ripple is presently trading above 25% range of the daily stochastic. The crypto is in a bullish momentum. Given the recent breakdown, the price bars are below 12-day and 26-day EMAs indicating that the market may fall. This is because the crypto is in the bearish trend zone.
The Relative Strength Index (RSI) Indicator
The coin has fallen to level 48 of the Relative Strength Index period 14. XRP is in the downtrend zone. It is also above the centerline 50 and likely to fall.
Read original at Coinfomania
Author: Mustapha Azeez