Ripple XRP is not able to overcome the next resistance line. The growth is canceled?

The price of Ripple has decreased significantly after the next correction, which “erased” almost all of the investors profit for the last month. Trading pair XRP/USD continues to fall and could soon set a new local low below 30 cents.

The General situation looks like this:

  • correction Ripple began near 0,3050 dollar;
  • on the 1-hour chart has formed a descending channel with the resistance line 0,3040 dollar;
  • the asset is still under strong bearish pressure in the near future may fall to the support 0,2915 dollar.

Tonight, Ripple trades at 0,3022 dollar. For the past day the price of the cryptocurrency fell by 1.15 percent.

Technical analysis

Recently the price of Ripple XRP jumped up to 0,3200 dollar, but to consolidate above this level the bulls and failed. After the unsuccessful testing of the resistance of the recoil, during which the asset has broken two levels of support and fell below 0,3050 USD. In addition, there was a break of the Fibonacci level of 0.618 laid on a wave of growth with 0,2865 to 0,3200 dollar.

Ripple has set a new local minimum in the area 0,2939 dollar and then retreated slightly up. Now cryptocurrency is just under 100 SMA moving average scale 1-hour chart. The asset continues to move in the confines of the local downward channel.

Source: TradingView

Now the main resistance for the XRP line is 0,3050 of the dollar and the 0.764 Fibonacci level, laid on a wave plum with 0,3077 to 0,2939 dollar. Rising above these barriers will open the bulls the road to creating a full-fledged uptrend in the medium term. While it is recommended to refrain from trading and watch the market.

The readings of technical indicators are not the most comforting — MACD is in bearish zone and the RSI indicates the absence of a clear bullish trend.

If you want to be aware of the situation on the market, we recommend you steep a rating of the cryptocurrency.

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