In the process of the collapse, XRP lost long-term support

In the process of the collapse, XRP lost long-term support

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Contents

In the process of the collapse, XRP lost long-term support
CONTENT

  • XRP falls below long-term upside support and $ 0.32 support area

  • Long-term and daily technical indicators are giving bearish signals

  • XRP price may be inside extended bearish 3rd wave

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Ripple (XRP) dropped significantly last week, closing below the former support area of ​​$ 0.32. Until the price manages to recover above this level, the long-term trend for it will be considered bearish..

Long term levels

On the weekly chart, you can see that the $ 0.32 area played a support role until XRP broke above it in November. Now, according to the results of last week, tokenAs the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More experienced a massive collapse and closed below this support area, turning it into resistance. This is a significant bearish event from an XRP technical perspective. It promises the coin further drawdown.

Read Also: XRP Down 10% In Minutes. Blame Coinbase

At the time of writing, the price has already attacked the support at $ 0.22, taking a course to the next level of $ 0.175.

Technical indicators are also showing aggressive bearish sentiment. Stochastic Oscillator formed a bearish crossover, and the RSI index dipped below the 50 mark.

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In the process of the collapse, the XRP rate lost long-term support

XRP chart. Source: TradingView

Cryptocurrency trader @tradingTank shared an XRP chart with his followers on Twitter, wondering if the price can hold onto important support in light of all the bad news hitting it. The price dynamics on the weekly chart does not give any hope for this..

Source: Twitter

Breakout support

If you look at the shorter – daily – chart, you can see that the XRP rate also made a bearish breakout of the upward support line, which has been on the chart since March. This is another bearish signal, predicting further drawdown for the price. Technical indicators, as well as on the weekly timeframe, also give bearish signals.

XRP chart. Source: TradingView

The 2-hour chart shows another bearish breakout – the $ 0.27 support area. There are no signs of an impending bullish reversal here either..

As of this writing, XRP has absorbed previous lows of $ 0.211, canceling any chance of an upside attempt. Now its target is the support area of ​​$ 0.175. Its achievement is now the most likely scenario..

XRP chart. Source: TradingView

Wave analysis

Wave analysis results also reveal bearish prospects for XRP. Presumably, the price is now in the extended 3rd wave (orange), within which it can reach the support area of ​​$ 0.0175 we have highlighted above. After a likely rebound from here, the market may then resume its decline.

Based on the sub-wave analysis, the XRP rate is now within sub-wave 5 (black).

In the process of the collapse, XRP lost long-term support

XRP chart. Source: TradingView

Conclusion

Thus, we expect the XRP rate to decline towards the $ 0.0175 support area, from where the price could bounce. The long-term trend appears to be bearish..

You can read the latest Bitcoin forecast here.

Disclaimer: Cryptocurrency trading involves a high level of risk and is not suitable for all investors. The opinion expressed in this forecast does not reflect the opinion of the editorial staff of BeInCrypto.

Disclaimer

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