XRP/USD goes against bulls, a breakdown is imminent

Fibo Quantum

Key highlights

  • Ripple’s XRP is currently in a downtrend.
  • Retracement is expected towards the supply level at $0.37.
  • Bearish trend continuation is likely.

XRP Current Statistics

Market Capitalization: $14,680,501,609

Trading Volume: $1,992,497,151

Major supply zones: $0.37, $0.4, $0.45

Major demand zones: $0.3, $0.25, $0.2

Ripple (XRP) Price Analysis

XRP/USD price is currently undergoing downward retracement towards the supply zone at $0.33. Bears are likely to dominate at that supply zone and continue to push the price down towards the demand zone at $0.30, 0.27 and $0.24.

Ripple’s native cryptocurrency XRP is currently in a downtrend because demand zones have just been broken to the downside, and this is signaling the bearish trend continuation.

Chart Indicator Reading

From the chart above, the Moving Average period nine is pointing downward, giving the sign that a bearish trend is likely to resume. The trend line was broken at the supply level at  $0.42, and this allowed the bears to drive the price down towards the price level of $0.35.

However, the Moving Average for Ripple (XRP) is currently calling for a retracement towards the supply zone around $0.37 to $0.4, and the sellers are well-positioned, and most likely to take over the market from the aforementioned supply zone.

From the chart above, the first and second green arrows from the left-hand side are pointing to an already broken demand zone, while the third green arrow at the right-hand side is pointing to a predetermined supply zone where bears are most likely to dominate the whole market for downward price continuation.

The General Outlook for Ripple’s XRP

It is recommended to remain a seller in this market because the bearishness is most likely to continue for Ripple. The Moving Average is pointing to a downward price movement. The Trend line is already broken downwards, and XRP is most likely to keep the bearish momentum.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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