Ripple price analysis: XRP/USD knocks on $0.20, why recovery remains to be a pipe dream?

• Ripple price continues to thin below the five-months long descending trendline.
• Defending $0.20 is top on the bulls’ priority list.

Ripple bears have been  outperforming themselves since Friday. XRP/USD is the worst-hit by the consistent selling activity among the top three cryptocurrencies; Bitcoin, Ethereum and XRP. Both the Asian and the European sessions on Monday have been characterized by acute losses across the crypto market. XRP has lost at least  5.52% on the day compared to Bitcoin’s 3.17% and Ethereum’s 2.25%.

Amid the high volatility levels, Ripple is extending the losses to $0.20. The support discussed earlier at $0.2150 failed to hold due to the worsening technical picture. The Relative Strength Index (RSI) is diving deeper into the oversold levels.

Similarly, the Moving Average Convergence Divergence (MACD) continues to increase the bearish within the negative zone. In addition to that, the gap between the 50-day SMA and the 100-day SMA suggests that bears will remain in control.

It is important that $0.20 support is guarded at all costs. This move will save the bulls from [the pain of refreshing losses towards $0.1. Moreover, buyers have the chance to focus on the recovery above $0.30 before the year ends.

XRP/USD daily chart