- Ripple bulls work extremely hard to keep the price above $0.20 in order to avert losses towards $0.19.
- XRP/USD is gripped in heightened selling pressure as observed with both the RSI and the MACD.
Ripple has resumed the downtrend after rising to a level marginally above $0.20. The 50 SMA is in place to provide support above $0.20. The magnitude of the selling pressure is highlighted by the various applied technical indicators as explored below.
For now, the fourth-largest cryptocurrency is exchanging hands at $0.2045. The downtrend highlighted above has the potential to cause more damage according to the RSI. The trend indicator has embarked on a trip downstream after rejection from the overbought.
A look at the MACD in the same 1-hour range fortifies the influence the bears are having over the price. This means that buyers will have to work twice as hard to hold Ripple above $0.20. The MACD features a vivid bearish divergence coupled with the slopping motion.
If XRP bulls manage to hold above $0.20, it will mark a new dawn for the cryptoasset as they will have the opportunity to focus on breaking the barriers at $0.21, $0.23 and $0.23. As mentioned, the 50 SMA at $0.2035 is in line to provide additional support. In addition, the 100 SMA at $0.2009 will be the last resort in saving XRP from a devastating ride under $0.20.
XRP/USD 1-hour chart
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