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Ripple (XRP) shows bearish case remains intact

Written by  May 14, 2020

Recently, bitcoin gained bullish momentum and climbed sharply above $9,500, sparking an upward move in ripple above $0.2019. XRP price broke the $0.1980 resistance zone to move into a short term positive zone.

The bulls pushed the price above the 23.6% Fib retracement level of the main decline from the $0.2250 high to $0.1849 swing low. There was also a break above a major bearish trend line with resistance near $0.2000 on the four hourly chart of the XRP/USD pair.

Chart trend line (Click image to enlarge) shows the last highs on 7th April up to today, it will take some serious price movement to push through.

Another Decline in XRP?

If ripple fails to continue above the $0.2050 and $0.2100 resistance levels, there might be another decline. An initial support is near the $0.2000 level.

The first major support is near the 100 hourly SMA at $0.1970, followed by the $0.1950 pivot level. In case the price declines below the $0.1950 support, the bears are likely to aim a test of the $0.1850 low.

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Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.

Major Support Levels – $0.2000, $0.1950 and $0.1920.

Major Resistance Levels – $0.2050, $0.2100 and $0.2200.

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

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Carl Brough

Carl comes from a Crypto tech background in Blockchain, his flair and attention to detail is very important to the success of this website. Carl is a freelance journalist who now prefers to work from home and has such a broad range of experience in the alt coin market, we always appreciate his knowledge and ideas.

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