Will the XRP Price continue to drop?

The Ripple price is falling like a house of cards. It seems that the Ripple price market is getting nervous. At the time of writing this, the Ripple price is sitting at $0.237 (-0.06%). Will the XRP price continue to fall? Let’s take a look at it.

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Ripple Price Analysis: Where is XRP Price going?

XRP/USD Daily – Tradingview

As we mentioned in our previous analysis, the Ripple price was already quite weak losing the daily uptrend way before any of the other major coins. At the time of writing, the Ripple price is currently trading at around $0.237 and it is trying to bounce off the daily 100-EMA at $0.234 The daily RSI has not only calmed down but it’s almost meeting the oversold territory. The MACD has been bearish since August 10 and the 12-EMA has crossed bearishly with the 26-EMA.

At the moment, the XRP/USD price is displaying nervous behavior. The 30 days volatility is almost 0.720 and the 30 days Sharpe ratio is looking terrible and it is sitting at -3.50. This could indicate that the XRP price is in the red zone. The next three resistances levels could be crucial for the Ripple price to move forward.

0.382 Fib (0.288)

0.5 Fib ($0.279)

0.786 Fib (0.257)

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Ripple Price Analysis: XRP Price Weekly Chart

XRP/USD Weekly – Tradingview

The short-term is looking bearish for XRP/USD price and the entire market, it’s necessary to closely monitor and take a peek at the larger picture. The weekly chart could still be in an uptrend and bulls may be trying to defend the 12-EMA and they could be holding the 26-EMA.

Now, if we closely observe the weekly chart then we will find that the RSI has cooled off prominently and the MACD continues to be bullish and has been bullish since April. Still, bulls were weak to crack above the 100-EMA which was a significant resistance level to conquer. Anything above $0.169 could be considered a higher low and restoration of the uptrend. The key metrics are as follows:

Price $0.237
24hr Change -0.14%
24hr Vol $133,535,593
Liquid Marketcap $7,667,332,464
Liquid Supply 32,364,523,575

Conclusion

The next support target for XRP price could $0.233 and of course, the psychological level at $0.20. A bounce from any of these two levels could push Ripple price above $0.25 again and could create a stability pattern in the forthcoming weeks.

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Posted By

Prasanna

Prasanna is the editor-in-chief of CryptoTicker English. He has a huge knowledge of the cryptocurrency market. He is an extremely accomplished technical analyst having vast experience in the crypto domain.

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