- XRP/USD recently failed to break above the stubborn hurdle at $0.3800.
- It’s a sellers’ filed day as cryptocurrency bloodbath returns.
Ripple is currently freefalling like a stone in the air following the bear pressure that commenced on Thursday. XRP/USD recently failed to break above the stubborn hurdle at $0.3800. Lack of a breakout at this level seems to have opened the Pandora box as the price has continued to drop below key support levels.
The declines today sent XRP below the 50 SMA 1-hour while the support at the 61.8% Fib level did little to stop the losses. Ripple took a pit stop at the 100 SMA 1-hour but the rising pressure has had the crypto dropping past $0.33. A low has been formed at the 38.2% Fib level taken between the last high at $0.38067 and a low at $0.2877 marginally above the next support target at $0.3200.
If the bear pressure clears the support above, we can expect XRP to continue trending lower towards the primary support at $0.30 and $0.2800 respectively. Besides, the technical levels show that the current downtrend will maintain. The RSI is now in the oversold and pointing further down while the MACD 1-hour is diverging more to show that the bears have full control.
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