XRP/USD sinks further below $0.20, is there hope for the bulls?

  • Ripple back under $0.19 as stability is ousted from the cryptocurrency market.
  • XRP/USD is stuck with the bears for now but the MACD shows the possibility for sideways trading above $0.1850.

Ripple is yet to gather the strength needed to clear the resistance at $0.20. The dip to $0.1850 last week opened the Pandora box because sellers have been in control ever since. There was a recovery staged above $0.19 but the weekend session was mostly characterized by consolidation. The trend became increasingly difficult to sustain calling for losses under $0.19 again.

At the time of writing, XRP/USD is trading at $0.1870. The cryptoasset has lost up to 1.8% of its value on the day. The path with the least amount of resistance remains downwards, especially with the RSI below 30 (oversold region).

There is a likelihood of Ripple embracing consolidation above the support at $0.1850. This sideways action is highlighted by the MACD’s sidelong movement below the midline. On the upside, resistance is anticipated at $0.19, $0.1950, and $0.20. The 50 SMA at $0.1974 and the 100 SMA at $0.20092 are in line to hinder movement as well. In addition that a descending trendline continues to cut short recovery. However, a break above the same line would result in a massive breakout, targeting $0.22.

XRP/USD 4-hour chart

XRP/USD price chart

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