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  • Ripple continues to chop off gains within a descending channel as recovery becomes untenable.
  • The RSI signals point towards continues bearish dominance in the coming sessions.

Ripple is falling back in the red after the recovery staged on Monday, fizzled out short of $0.23. The cryptoasset’s value has been gravitating within a descending channel. The channel has been tested severally on both sides. A break above the channel resistance could boost XRP in its mission to correct the damage caused in the last few days.

XRP/USD is teetering at $0.2176 and grinding towards the immediate support at $0.21. The price is below the moving averages. In other words, the 50 SMA on the 4-hour chart is pressing down on XRP at $0.23 while the 100 SMA stands at $0.2553.

Ripple price recovery will not come easy as long as the RSI stays close to or below 30. The current trend is pushing from levels above 40 to 39. The gradual slope of the RSI hints that the path of the least hurdles is to the south. To be on the safe side, Ripple must correct above $0.23 and focus of levels above $0.25 to $0.30.

XRP/USD 4-hour chart