- Ripple price gained ground to settle briefly above $0.7 but hit a barrier under $0.72.
Losing support at $0.7 opened the Pandora box as a correction to $0.64 becomes apparent.
Ripple price was able to break the resistance at $0.7 on Tuesday. This move allowed bulls to stretch the up leg to $0.72. However, the seller congestion at the 200 ( ) on the two-hour chart stopped the action.
In the meantime, XRP trades at $0.68 after losing support at $0.7. If the ground above $0.7 is not reclaimed soon, losses will likely extend toward $0.64. At the moment, the path with the slightest hurdles seems downward, as observed from the short-term technical picture.
Why could Ripple price declines soar in the near term?
Ripple’s short-term technical picture is flipping massively , according to the two-hour chart. Applied technical tools such as the Moving Average Convergence Divergence ( ) are about to send a signal. The indicator follows the trend of an asset and measures its momentum.
When the line (blue) crosses below the signal line, it is a call to sell, as observed on Ripple’s chart. Moreover, traders watch out for the crossing under the zero line into the negative territory to validate the downtrend.
As the momentum gains power, the ( ) shows that aggression intensifies. Unlike the , the follows the trend of an asset and calculates its strength. A sharp drop from the oversold area suggests that sellers are entirely in control. Breaking below the midline and toward the oversold region would cement the bears’ influence in the market before the bulls turn the trend around.
On the other hand, a golden cross pattern has occurred with the 50 crossing above the 100 . The pattern infers that the uptrend is still intact despite the correction, and Ripple price will likely secure higher support, leading to its resumption.
Ripple intraday levels
Spot rate: $0.68
Support: $0.64 and $0.58
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