https://ift.tt/3flvZYo Might test $0.70 in the course of the week

TL;DR Breakdown

• Ripple price analysis is bearish today.
• XRP is trading at $0.76.
• Another lower high set.

Ripple price analysis is bearish today, as we observed a lower high of $0.755 following the retracement from the previous low, setting a new low at $0.65. The $0.72 mark appears to be the closest support for XRP/USD now, with additional downside pressure likely to follow after testing the bottom.

Ripple price movement in the last 24 hours: Bearish trend

Bearish price action is apparent on the daily chart, where XRP follows a descending channel formed after the break of $0.835. The pair has broken below the 50 Day Exponential Moving Average (EMA), with the possibility of descending to the 200 Day EMA at $0.70.

However, there is very little support on the downside for XRP/USD, which will likely maintain prices in a trading range until significant news comes out regarding Ripple Labs and its legal woes, or until the next wave higher occurs.

The $0.75 level is an important note, as it was a low point for XRP/USD this past week and will likely continue to act as support until the bulls retake hold of the market. If bears can break below $0.70, we could see prices drop down to $0 .68, with the possibility of further downside after that.

If an upside break occurs, XRP/USD will need to move above $ 0.80 to avoid being pushed deeper down quickly. Resistance lies at the descending channel resistance (blue line) and the 100 days EMA, currently at $0.745. Ripple prices are bearish today; however, support is still present at $0.70 and $0.75, so we may see a relief rally soon if the market gets positive news from Ripple Labs.

The daily chart for XRP/USD shows the 50 and 100 Day EMAs, both in deep bearish territory, with the 200 day EMA just above $0.77. The RSI is deep in oversold territory, reflecting the pair’s downward momentum.

XRP/USD 4-hour chart: XRP prepares for another drop?

We can see a new lower high established for the Ripple price action on the 4-hour chart, leading to further losses later today.

Ripple’s price has continued to fall over the last few days. XRP/USD resisted previous resistance at $0.72 on the 5th of January, after spiking below $0.81 support a day earlier.

Bears were eager to retest the low, and further lower highs were established as they rushed to do so. Break lower occurred yesterday, taking XRP to $0.70 this time, after another lower high.

The Ripple price has since seen a rapid retreat, with another low peak established. Later today, likely bears will take control to make another attempt at a downside as the sector is still excessively bearish overall.

Ripple Price Analysis: Conclusion 

The price of Ripple was down today, as we anticipated additional declines following the breakout above $0.755 early this morning. XRP/USD is now poised to fall further and retest its previous lows.

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