web analytics
🥇 The Best Online Casinos Who Accept Cryptocurrency For 2020 ✔️
1st Deposit Bonus:
1 BTC
Bonus for New Players
100% MATCH BONUS
5.0 rating
5.0
1st Deposit Bonus:
100 EUR
Bonus for New Players
100% MATCH BONUS
4.8 rating
4.8
1st Deposit Bonus:
2 BTC
Bonus for New Players
100% MATCH BONUS
4.5 rating
4.5

Ripple (XRP) is Still Bearish as Long as Price is Below this Level

Ripple-XRP

XRP holders are evidently battered. Price action isn’t in sync with trickling fundamentals if the Ripple weekly technical chart is anything to by. From the chart, the third most valuable digital asset is under pressure and in a firm bear trend if the 20-week moving average is a guide for chartists and other unconvinced pragmatists.

The 20-Week Moving Average is the Immediate Resistance

At spot rates, Ripple (XRP) is under pressure and although traders are optimistic considering the stream of good news over the last couple of weeks, prices are still depressed and could further cave in  if bulls don’t break above a key resistance line. The 20-week moving average (MA) is the immediate liquidation resistance line and has remained so over the last 18 months.

Ripple XRP Weekly Chart for Jan 13
Ripple XRP Weekly Chart for Jan 13

From the chart, XRP bulls have failed to close above this flexible line following the bear breakout in Q2 2019. In the first week of July 2019, prices spectacularly collapsed below the then support now resistance line. The aftermath saw XRP sink below a key 18-month support and price is yet to recover.

XRP up 7.5% in the Past 7 Trading Days

Nonetheless, there are bullish flickers. Week-to-date, XRP is one of the best performers in the top 10. Although lagging Bitcoin

Cash and Bitcoin SV, it is up 7.5% against the USD and at break-even with BTC.

Ripple XRP Market Performance
Ripple XRP Market Performance

Overly, this is a net positive as candlestick arrangement points to more upsides. If prices soar from spot levels and break past the 20-week MA, odds are XRP will rally to November 2019 highs of 30 cents.

XRP/USD Price Analysis

From the daily chart, XRP prices are firm above the 20-day MA, trading above the level for the first time in two months. Moreover, Jan 6 bull bar is conspicuous and trend-setting. Notably, accompanying the bull bar were high trading volumes. Price action didn’t build on Jan 6 gains.

Ripple XRP Daily Chart for Jan 13
Ripple XRP Daily Chart for Jan 13

However, bears didn’t reverse gains made and that from an effort versus results point of view is bullish. Risk off traders may accumulate in lower time frames as long as prices are trending above the 20-day MA, or the immediate support. There will be more opportunities if prices surge past Jan 6 highs at the back of high trading volumes in a bull trend continuation.

The post Ripple (XRP) is Still Bearish as Long as Price is Below this Level appeared first on Coingape.



Source: Ripple (XRP) is Still Bearish as Long as Price is Below this Level

Leave a Reply

Your email address will not be published. Required fields are marked *

NOT REQUIRED
Bonus Code
Get 25 FREE SPINS on Book of Dead
NOT REQUIRED
Bonus Code
1.5 mBTC FREE
Valid Until: Dec 31, 2020
NOT REQUIRED
Bonus Code
100% match bonus based on first deposit of £/$/€20+. Additional bonuses.
Valid Until: Dec 24, 2019
N/A
Bonus Code
100% match bonus based on first deposit of £/$/€20+. Additional bonuses.
Valid Until: Dec 31, 2019