Heavy downside pressure is forming for Ripple’s XRP with a bearish short-term and medium-term trading outlook. The four-hour time frame shows there is a bullish inverted head and shoulders that has been invalidated as we are reading more in the latest ripple news.
The daily time frame shows a bearish breakout forming from the triangle pattern. Ripple remains under heavy downside pressure and still hasn’t established a technical price floor. The XRP/USD pair has lost more than 30 percent since the start of November and is now trading around five percent below the opening price of the month. The technical analysis shows that the pair is creating a bearish triangle breakout on the daily time frame which moves the cryptocurrency within the touching distance of the $0.20 level.
The four-hour time frame shows that the bullish inverted head and shoulders pattern was invalidated a few days ago which is bearish development for the pair over the short-term. The price is also making lower lows which once again hint that the XRP/USD pair has yet to find a strong price bottom. The $0.1900 level is now offering the strongest form of long-term support under the psychological $0.2000 level.
The bulls have to rally the price of XRP towards the $0.25 level just to encourage purchasing and then stabilize the XRP/USD pair above the $0.285 level which is the most important technical area. By looking at the potential pattern formation, if the buyers are able to rally the price after one lower push, the large inverted head and shoulders pattern could also form on the daily and four-hour time frames. The Relative Strenght index for the daily time frame shows that Ripple is quite oversold while the MACD indicator shows pockets of bullish MACD divergence.
According to the latest sentiment data, the short-term sentiment towards ripple is neutral at 52 percent while the overall long-term sentiment for the cryptocurrency is quite bearish at a 24 percent range. The four-hour time frame shows that the key technical resistance is now located at $0.235 and $0.25 levels so the technical resistance over the medium-term is now located at $0.285 and $0.31 levels. The four-hour time frame shows that the XRP/USD pair has a strong medium-term technical support around the $0.21 level.
The critical long-term technical support for XRP is located at the $0.19 level. Ripple has yet to establish a strong price floor placing the emphasis on more XRP/USD weakness towards $0.19.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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