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XRP USD Short-term price analysis Ripple price under immediate selling pressure below $0.34 level. Early week decline has sent the XRPUSD pair below $0.3188 and to a fresh 2019 trading low Price trades below the neckline of a bearish head and shoulder pattern, August 2018 low may soon come into focus

In the short-term, the XRPUSD pair risks falling below the $0.30 benchmark level, following buyers’ failure to move price back above the $0.34 level last week.

Major support for the XRPUSD pair is found at the $0.28 and $0.25 level in the short-term.

Failure to stage any meaningful rally above the $0.34 level promotes the bearish short-term view of a further decline towards the $0.25 level.

Pattern Watch

The XRPUSD pair has broken below the neckline of a bearish head and shoulders pattern with a $0.10 downside projection.

It is worth noting that Ripple was one of the only major cryptocurrencies that failed to break to new 2018 trading lows during the widespread decline seen in December last year. Only a break below the $0.28 level enforces the view that the market has turned definitively bearish on Ripple.

Key Moving Averages

Price trades below the 50 and 100-period moving averages on the four-hour time frames, indicating short-term weakness while trading below the $0.33 and $0.34 levels.

MACD & Volume

The MACD indicator on the four-hour time frame is trending lower and is starting to coincide with the early week decline seen in the XRPUSD pair.

The volume indicator is declining, with the highest trading volume seen during the January 10th sell-off in the XRPUSD pair.

In the medium-term, the XRPUSD pair has been trading lower after it became apparent that the potential inverted head and shoulder pattern on the daily time frame was starting to fail.

Failure to surpass the $0.40 resistance level so far this year has cemented the view that Ripple will likely test lower before it heads higher.

It is fairly clear on the daily price chart how critically important the $0.25 level is to the medium and longer term view for the XRPUSD pair. A loss this key area supports selling to at least the $0.18 level, while failure to break below the $0.25 supports the idea of another bull-run higher in the medium term towards $0.50.

Pattern Watch

A bullish double-double bottom pattern is already in place on the daily chart as clearly illustrated above. A triple-bottom formation will clearly be even more bullish in the medium-term.

The failed inverted head and shoulders pattern around the $0.55 to $0.60 level is weighing on sentiment, these type of technical failures seldom bode well for reversing prevailing market trends.

Key Moving Averages

Price trades below the 50,100 and 200-day moving averages, with the 50-day closes by, at $0.35 A bearish crossover is currently underway, with the 50-day turning below the 100-day.

MACD And Volume

The Daily MACD indicator is trending lower, a clear technical breakout is probably needed to replicate the large trending moves lower in MACD seen in October and November.

Volume has been gradually declining, although moves in the XRPUSD pair have been relatively tame so far this year.

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The post XRP Price Analysis: Ripple Under Immediate Selling Pressure appeared first on Crypto Briefing.

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