2019-11-14 18:10 |
Ripple has a bearish short-term and short-term trading bias The four-hour time frame shows that a bearish trendline break has occurred The daily time frame is showing that a valid inverted head and shoulders pattern remains in play
Ripple is back under heavy downside pressure, following a sustained bearish breakdown under the psychological $0.30 support level. The cryptocurrency is now at serious risk of falling back towards its current yearly trading low.
With bearish momentum growing, the XRP / USD pair has shed around 5% of its value since the start of the week and now trades down by around 15% on a monthly basis.
The XRP / USD pair has lost its bullish short-term trading bias since falling under its 200-period moving average on the four-hour time. Furthermore, the price action surrounding the cryptocurrency has been extremely bearish since the loss of the $0.30 level last week.
The four-hour time frame also shows that a bearish trendline break has occurred, with the cryptocurrency vulnerable to further declines while trading under the $0.28 level.
Higher time frame analysis shows that a bullish inverted head and shoulders pattern will be invalidated if buyers fail to defend the $0.25 support level.
It is imperative that that the bullish pattern remains valid, as the pattern has an upside projection that could take the XRP / USD towards the $0.50 level over the medium-term.
If the bearish pattern is invalidated the XRP / USD pair could fall towards the currently yearly trading low, around the $0.21 level. The overall invalidation target of the bullish pattern could take the XRP / USD pair towards the $0.18 support level.
According to the latest sentiment data from TheTIE.io, the short-term sentiment towards Ripple is neutral, at 52.00 %, while the overall long-term sentiment towards the cryptocurrency is also neutral, at 50.00%.
XRP / USD H4 Chart by TradingView Upside Potential
The four-hour time frame shows that buyers must reclaim the $0.28 level in order to regain the XRP / USD pair’s bullish short-term trading bias.
Key technical resistance for the XRP/ USD pair above the $0.28 level is currently located at the $0.29 and $0.30 levels.
XRP / USD Daily Chart by TradingView Downside Potential
The four-hour time frame is showing that the XRP / USD pair has strong short-term technical support around the $0.25 level.
Key technical support below the $0.25 level is currently found at the $0.23 level and the current 2019 trading low, around the $0.21 support level.
SummaryRipple has seen a bearish sentiment shift since falling below the psychological $0.30 level.
Going forward, if the $0.25 support level is broken the XRP / USD pair’s medium-term trading prospects could suffer a severe setback.
Find out more about Ripple and XRP in our coin guide.
A deeper look into the merits of the project can be found in our SIMETRI Report.
XRP ChartChart byCryptoCompare baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[ scripts.length - 1 ]; var cccTheme = { "General":{"borderWidth":"0px","borderColor":"#FFF","showExport":true}, "Tabs":{"borderColor":"#FFF","activeBorderColor":"rgba(33,150,243,0.85)"}, "Chart":{"fillColor":"#222","borderColor":"rgba(33,150,243,0.85)"}, "Conversion":{"lineHeight":"10px"}}; (function (){ var appName = encodeURIComponent(window.location.hostname); if(appName==""){appName="local";} var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl+'serve/v3/coin/chart?fsym=XRP&tsyms=USD,EUR,CNY,GBP'; s.src = theUrl + ( theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); #ccpw-ticker-22580 .ccc-chart-header { background: #2196F3} #ccpw-ticker-22580 #ccc-chart-block .exportBtnTop, #ccpw-ticker-22580 a.tabperiods.tabperiods_active, #ccpw-ticker-22580 .coin_details { color: #2196F3; background: rgba(33,150,243,0.15); } #ccpw-ticker-22580 .coin_details { border: 1px solid rgba(33,150,243,0.16); } .ccpw-container_chart #ccpw-ticker-22580 .coin-container:after, .ccpw-container_four #ccpw-ticker-22580 .coin-container:after {border-color:#ccc !Important;}
The post Ripple Price Analysis XRP / USD: Bearish Breakout appeared first on Crypto Briefing.
Similar to Notcoin - Blum - Airdrops In 2024
Ripple (XRP) на Currencies.ru
|
