Ripple (XRP) Price Suffers A Massive Blow Down to $0.23

18 September 2020

in XRP

Reading Time: 4 mins read

XRP price has dropped below $0.24 today for the first time since the beginning of the bull rally on July 2020. The entire crypto market collapsed today erasing more than $40 billion in market capitalization over the past 24 hours.

XRP/USD daily chart – TradingView

XRP was already quite weak losing the daily uptrend way before any of the other major coins. XRP is currently trading at around $0.246 trying to bounce off the daily 100-EMA at $0.2441. The daily RSI has not only cooled off but it’s almost touching the oversold zone. The MACD has been bearish since August 10 and the 12-EMA has crossed bearishly with the 26-EMA.

XRP Price Analysis: Weekly Chart

While the short-term looks horrible for XRP and the entire market, it’s important to zoom out and take a look at the bigger picture. The weekly chart is still in an uptrend and bulls are trying to defend the 12-EMA at $0.248 and holding the 26-EMA at $0.233 for now.

XRP/USD weekly chart – TradingView

The RSI has cooled off notably and the MACD remains bullish and has been bullish since April. Bulls were unable to break above the 100-EMA at $0.30 which was a crucial resistance level to beat. Anything above $0.169 is considered a higher low and a continuation of the uptrend.

The next support target is $0.233 and of course, the psychological level at $0.20. A bounce from any of these two levels could take XRP above $0.25 again and form an equilibrium pattern in the upcoming weeks.

The best scenario for the bulls would be defending the 12-EMA and cracking $0.30 with a lot of continuation.

XRP Price Analysis: Monthly Chart

XRP/USD Monthly chart – TradingView

Unfortunately, the monthly chart is a bit more worrying for XRP which has remained in a downtrend since the big rally in 2017. Bulls were rejected at $0.327 from the 26-EMA and are now failing to hold the 12-EMA at $0.247. The MACD turned bullish in May while the RSI has remained even.

The last low is $0.11, the crash on March 12, and the high was $0.346 which will most likely be transferred to $0.327, the high of August. The best scenario for the bulls would be a higher low compared to $0.11 and then a breakout above $0.327 to confirm a monthly uptrend. Of course, there is another possible scenario in the form of an equilibrium pattern with a higher low but a lower high compared to $0.327.

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