ripple

  • Ripple dives under $0.20, breaking triangle support to refresh levels at $0.1750 amid a Bitcoin selloff to $8,100.
  • Low trading volume and a sideways moving RSI point towards consolidation under $0.20.

Ripple price was not spared by the selloff mainly triggered by Bitcoin (BTC) pre-having plunge to $8,100. Ripple dived massively under $0.20 to an extent of breaking the vital falling triangle support (green) and refreshing the levels at $0.1750. Although an immediate reflex reversal took place, XRP/USD has not been able to take down the seller congestion at $0.20.

Meanwhile, the price is flirting with $0.1972 and battling the resistance at the 38.2% Fibonacci retracement level taken between the last swing high at $0.2353 to a swing low at $0.1739. Sideways trading action is likely to take place in the current and coming sessions. This is emphasized by the horizontally moving Relative Strength Index (RSI). The indicator recovered following the dip over the weekend. Unfortunately, the bullish momentum lost steam at 33. As long as the leveling motion continues, XRP/USD could enter into consolidation under $0.20.

XRP/USD 4-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview

Looking at the moving averages, sellers appear to be gaining traction against the bulls. If the 50 Simple Moving Average (SMA) in the 4-hour range crosses below the 100 SMA, selling pressure could increase. Moreover, the longer the price remains under $0.20, the more the bulls become disadvantaged because bears’ confidence is likely to grow. The low trading volume at the moment hints that rapid price movements are unlikely in the near term. Support is also expected at $0.1750 (weekend support) as well as $0.1500.

Ripple Key Intraday Levels

Spot rate: $0.1972

Relative change: -0.00077

Percentage change: -0.39%

Trend: Bearish

Volatility: Low

 

Source: Coin GApe