- Ripple extends bearish correction from $0.25 weekly high, targets $0.22.
- Technicals could remain bearish throughout the American session on Thursday.
Cryptocurrencies across the board are sinking deeper into the rabbit hole. Altcoins like Ripple are erasing the gains accrued in the last one week. XRP, for example, is extending the bearish pressure from the recent high at $0.25 to levels slightly above the 61.8% Fib retracement level of the last swing of $0.2530 to a swing low at $0.1643.
The declines on the day have broken below the ascending channel support. The move appears to have increased the confidence the sellers have as well as their grip on the price. It is possible that the declines will test the support at $0.22.
On the flip side, movements to the north will remain capped under the broken channel as well as the key hurdle at $0.23. It is essential that the bulls reclaim the position within the channel and focus on breaking the resistance $0.24 and $0.25.
XRP/USD 1-hour chart
Technical analysis shows that the ongoing correction could last through the American trading session. The Relative Strength Index (RSI) doubles down on the bearish picture. As long as the RSI is not oversold, Ripple will continue to deal with the bearish pressure. In addition to that, the Elliot Wave Oscillator has started a new bearish session.
In the meantime, the 100 Moving Average will continue to offer short term support at $0.2335. If the support at $0.22 were to give in, XRP will bank on finding support at lower levels including $0.21 and the 23.6% Fibo.
Ripple Key Levels
Spot rate: $0.2235
Relative change: -0.0092
Percentage change: -4.3%
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