- Ripple bearish trend could last through the week.
- XRP is trading between a core support range between $0.26 and $0.30.
Ripple is seen trading at $0.2929 just after a slight correction to the upside. The asset fell victim to the widespread declines that swept across the market. XRP is still trading between a core support range between $0.26 and $0.30. Besides, in case this support caves in, the next support is seen at $0.14 and $0.17.
Technical confluence detector levels
The daily chart shows that Ripple is immediately supported at the hourly 5-day Simple Moving Average (SMA), the 161.8% Fibo (daily chart), the 4-hour Bollinger band upper as well as the Previous 15-minutes chart high. If a reversal occurs and the bears send Ripple below this support, the next support lies at $0.2838 (January 2018 low), which also happens to be last week’s low.
However, the bulls are fighting to bring the price up and correct the declines. The journey towards $0.30 is not going to be easy. Besides, slightly above $0.30 they must clear the acute seller concentration zone at $0.3050; an area highlighted by the hourly 200-day SMA, the 4-hour 50-day SMA and the one week 38.2% Fibonacci level. I expect the price to dwell around that level for 2- 3 days before attacking the medium-term resistance at $0.31100; highlighted by the 4-hour 100-day SMA.
A broader look at the chart shows that Ripple bearish trend will continue throughout this week. The price could touch $0.26 before a reversal occurs.
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