- Ripple joins the rest of the cryptocurrencies in declines leaving the ascending channel support vulnerable.
- The short-term support at $0.28 level better holds to avoid breakdown towards $0.22.
The bears have in full swing resumed their control over the entire cryptocurrency market. Even assets that have been immune to losses in the past few days such as XRP are feeling the pinch. The entire crypto market is in the red with XRP correcting lower 0.89% and still counting.
From an opening price of $0.2839, XRP/USD is teetering at $0.2816. The ascending channel (could also be an extended bearish flag pattern) I discussed yesterday is on the verge of giving in to the negative pressure. A break under this pattern is likely to impact negatively on Ripple price with a possibility of disintegrating to September lows under $0.22.
Ripple price is trading above the Simple Moving Averages (SMAs0 whereby the confluence formed by the 50 SMA on the 720′ chart and the 100 SMA is ready to protect the downside above $0.26. The Relative Strength Index (RSI) is making a sharp retreat from the overbought; a sign of stronger bearish momentum in action.
XRP/USD 720′ chart
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