Ripple price renews bearish sentiments after failing to break above $0.21 resistance and hold above $0.20.
XRP/USD symmetrical triangle support breakdown hints further losses towards $0.1750.
The last 48 hours have particularly been hard on Ripple bulls as well as the rest of the buyers in the cryptocurrency industry. The downtrend happens to follow Bitcoin (BTC) tumble to levels under $9,000 after the largest cryptocurrency failed to break above the resistance at $10,000 earlier in the week. Ripple
also failed to overcome the seller congestion zone at $0.21, a situation that culminated in more selling activity.
Sellers exerted more pressure on the tentative support at $0.20 to the extent that the bearish action broke below a key symmetrical triangle pattern. XRP/USD is back to trading in the $0.19 range even as the trend becomes more bearish. The slide below the triangle resistance could sabotage the support at $0.19. Earlier this month, Ripple nosedived to lows around $0.1750. Recovery from the dip has not been forthcoming except for the fact that the price stepped above the short term resistance at $0.2055.
XRP/USD 1-hour chart
At the time of writing, Ripple is exchanging hands at $0.1925. The Relative Strength Index appears to be slowing down the downtrend. Possibly, consolidation will take place above $0.19 as long as the RSI stays above 50 (average).
On the upside, $0.20 is now the immediate resistance keeping buyers at bay. It is vital that this resistance is overcome soon to allow a shift of focus to higher levels at $0.25 and $0.30. Buyers must also be aware that the longer the price stays under $0.20, the stronger the bearish grip gets.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com