- Ripple price on the verge of another drop to $0.16 after sliding below $0.18 key support.
- The increasing gap between the 50-day SMA and the 200-day SMA is a clear indicator of a stronger bearish grip.
Ripple price is back to trading in the red on Thursday. The Asian session is coming to a halt as the European session prepares to take over amid expanding volatility and support shattering movements. Since the beginning of this week, XRP/USD had stabilized above $0.18. The stability followed a retreat from the monthly high at $0.2059 during the Easter weekend.
However, the mid-week bearish action has forced Ripple below the key support. If the bearish leg extends, it could test $0.16 before a significant rebound comes into play. As at now, the price is doddering at $0.1791 after losing 0.86% of its value om the day.
Ripple price technical picture
The daily XRP/USD chart shows Ripple trading under the moving averages. The 50-day SMA is in line to hinder price action at $0.1886 while the 200-day SMA is holding the ground at $0.2341. A wide gap between the two averages signals that Ripple is slowly falling into the hands of the bears.
Looking at other technical levels such as the RSI and the MACD, Ripple is unlikely to make a comeback above $0.20 in the near term unless a catalyst comes to boost the movement. The longer the price stays under $0.20, the stronger the bears become; a situation that is leaving buyers demoralized. On the other hand, the MACD is stable at the mean line (0.0) which in other words, says that all is not lost for the bulls and they can regain control later in the day.
XRP/USD daily chart
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