Ripple (XRP) on the Downside May Likely Revisit the Low of $0.22

Ripple (XRP) on the Downside May Likely Revisit the Low of $0.22

Key Resistance Levels: $0.30, $0.40, $0.45
Key Support Levels: $0.25, $0.20, $0.15

XRP/USD Long-term Trend: Bearish
Ripple price is making a series of lower lows and lower highs as it falls to a low of $0.25. The coin was in a downward move after Ripple reached overbought condition. From a high of $0.34, the price fell to a low of $0.28. The bulls defended the support at $0.28, as the price moves to retest the $0.30 resistance.

Nonetheless, if the bulls have pushed the price above the resistance, the downtrend would not have happened. Meanwhile, the bulls were resisted at the $0.30 price level. The resistance resulted in a price breakdown as it broke the $0.28 and $0.26 support levels. There is an indication that the price may reach the lows of $0.22 and $0.24.

XRP/USD – Daily Chart

Daily Chart Indicators Reading:
Ripple is now trading below 20% range of the daily stochastic. This implies that the coin is now in the oversold region of the market. It also means that selling has been overdone. Expectantly, buyers are expected to emerge to take control of price. Ripple is expected to rise.

XRP/USD Medium-term Trend: Bearish
On the 4-hour chart, Ripple was in a downward move after the overbought condition. The coin was moving down in lower lows and lower highs pattern. The downward move is likely to continue as the $0.28 was breached.

XRP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Today, Ripple is trading at level 32 of the Relative Strength index. The coin appears to reach the oversold region of the market. Once it is below level 30, it is said to be in the oversold region. Besides, the 21-day and 50-day SMAs are sloping southward indicating the downtrend.

General Outlook for Ripple (XRP)
Ripple has fallen to the oversold region of the market. According to the stochastic, the coin is said to in a strong bearish momentum. XRP is likely to rise as buyers emerge. In the same vein, the Relative Strength Index period  14 is approaching the oversold region.

Ripple (XRP) Trade Signal
Instrument: XRPUSD
Order: Sell
Entry price: $0.25
Stop: $0.26
Target: $0.22

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.