Analyze graphs: Ripple ready to fall. It’s time to short?

Following the main cryptocurrency chart Ripple drew a U-turn and came back under the control of bears. The asset is under serious threat of further drain, which should lower the price of XRP is below the main support line. If in the near future market situation does not change, the Ripple will be one of the most disastrous investments of this month.

The General situation looks like this:

  • Ripple reached a local maximum at the level of 0,3820 of the dollar, and then promptly fell back below the line 0,3500 dollar;
  • on the 1-hour chart formed a local bearish trend with resistance in the area 0,3300 dollar;
  • XRP is in a consolidation phase, but the probability of further falls is still high.

This morning Ripple trading at 0,3318 dollar. For the past day, the cryptocurrency fell by 0.4 percent.

Technical analysis

This week XRP tried to break above the zone 0,3700 dollar. Asset even broke through near term resistance and reached a local peak level 0,3819 dollar. To gain a foothold so high Ripple and failed, so the growth was followed by decline until 0,3500 USD.

The situation is not the best way for the bulls — now the coin is below the moving average SMA 100 scale 1-hour chart. After draining, the cryptocurrency has set a new local minimum on the line 0,3165 dollar and retreated slightly up.

On the 1-hour chart formed a bearish Ripple pattern, so in the near future, I advise you not to open long positions on aldone. A sign for a possible pullback to the 100 SMA will serve as the overcoming of resistance in the area 0,3500 USD.

Source: TradingView

Technical indicators give signals about absence of a significant number of buyers in the market. MACD came out of the bullish zone and is directed downward and the RSI is way below average. It seems that in the next few days in the auction Ripple will be dominated by negative dynamics.

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