Ripple again preparing to fall. That will bring this week for traders?

Ripple once again facing the next resistance line, which appears on the chart cryptocurrencies in the course of the fall. Now there is a very high probability of a new drain below 0.3 dollar. Yet buyers somehow manages to keep the price of the asset on the spot, but a break of the support — only a matter of time.

The General situation looks like this:

  • coin failed to gain a foothold above the line of 32.40 cent last week;
  • on the 1-hour chart has formed a bearish trend with the nearest point of resistance in the area of 31 cents;
  • drop below 0.3 dollar is still the most likely scenario for the next few days.

At the moment the exchange rate XRP a little more than 30 cents. In the past 24 hours, the cryptocurrency fell by 2.4 percent. Daily trading volume is equivalent to 413 million dollars.

Technical analysis

During the last serious drain Ripple managed to form a support area at the level of 0,2860 dollars where the bitcoin went to test resistance on the line 0,3180 dollars. Unfortunately, the bulls failed to consolidate above the important milestone. The coin is again rolled down.

This time the fall is unlikely to stay in the area 0,2860 dollars. The bears gradually gain strength, and practically all technical indicators show the presence of a huge number of sellers on the market.

Ripple is trading below the 100 SMA on H1 chart, now the direction the moving average almost coincides with the downtrend line. Shoppers can expect to increase at least in the short term, they will have to push the asset above 0.32 dollar in the next few days.

Image source — NewsBTC

Now the safest strategy is just to observe the market. Good signal to short would be the closing of the 1 hour candle below 28 cents, for long — above 32 cents.


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