A stronger bearish presence is here for Ripple as the price nears a possible drop to $0.16 after crashing below the $0.18 key support. The increasing space between the 50-day SMA and the 200-SMA is a clear sign that there will be a stronger bearish presence for the altcoin.
The ripple price is going back to trading in red as the Asian session is coming to a stop. The European session prepares to take over with the expanding volatility and support present shattering movements. Since the week started, the xRP/USD pair stabilized above $0.18 but this stability lasted shortly and even went below the monthly high of $0.2059. The mid-week bearish action made Ripple go below the key support so if the bearish movement extends, it could test the $0.16 level before a significant rebound happens.
The daily charts for the XRP/USD pair show that Ripple is trading under the moving averages while the 50 day SMA is in line with the hinder price action of $0.1886. The 200-day SMA is still present at the $0.2341 level with an increasing gap between the averages that signal Ripple could fall into the hands of the bears soon. Looking at the technical levels such as the RSI and the MACD, Ripple will unlikely reach another comeback above the $0.20 level in the short-term unless there is a strong catalyst.
If the price remains longer at $0.20, the bears will become stronger which is a situation that will demoralize the buyers. The MACD line, however, is stable which means that the bulls can regain control later in the day.
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The main resistance now is near the $0.1900 and $0.1920 levels, after which it is set at $0.1950. The low of $0.1738 still scares many investors but the recent high at $0.1890 is something that brings back their confidence. More importantly, there is a key bullish trend line forming with resistance near $0.1910 on the hourly chart of the XRP/USD pair. The Ripple XRP price will turn “sell” below this signal – and analysts are predicting a new rise if the positive momentum continues.
As per the recent Ripple news, A Malaysian payments platform for cross-border transactions MoneyMatch announced a partnership with Ripple in order to speed up the transaction time and to reduce the transaction costs by joining the RippleNET.
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