HomeAltcoin NewsRipple Price Technical Analysis – Sellers In Control

Ripple Price Technical Analysis – Sellers In Control

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Key Highlights

  • Ripple price is trading down, and was seen under a continuous bearish pressure against the US Dollar today.
  • There is a bearish trend line formed on the hourly chart of Ripple price (provided as CoinGecko), which acted as a mover for losses.
  • The price is currently trading near $0.00785 where it may find bids for a minor correction.

Ripple price broke down today and was down from $0.00791 to $0.00785. More losses are possible if sellers remain in control.

Ripple Price – Sell Rallies?

Ripple price struggled throughout the day, and every minor correction towards the upside was sold aggressively. There was a downside move taking the price down towards the $0.00785 level. There is a bearish trend line formed on the hourly chart of Ripple price (provided as CoinGecko), which stalled gains on a few occasions and acted as a resistance.

The price once recovered, but the upside was stalled near the 50% Fib retracement level of the last drop from the $0.00791 high to $0.007853 low. The price traded back down, and broke $0.007853 to set a new low as $0.007848. If the price attempts to correct higher once again, then the 38.2% Fib retracement level of the last drop from the $0.00791 high to $0.007848 low may act as a resistance. The most important hurdle is around the $0.007880 level, followed by the highlighted bearish trend line and resistance area.

On the downside the $0.007848 low is a short-term support. A break below it might take the price towards the $0.007840 level.

Looking at the indicators:

Hourly MACD – The MACD is in the bearish zone, and calling for more downsides moving ahead.

Hourly RSI – The RSI is just below the 50 level, which is also a bearish sign for the sellers in the short term.

Intraday Support Level – $0.007848

Intraday Resistance Level – $0.007880

 

Charts Courtesy: Coingecko

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Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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