Ripple price has traced is under bearish pressure after correcting gains from the $0.29 resistance level. Will the downtrend continue?
Yesterday, August 19, the price of Ripple (XRP) was in a bearish trend zone while trading below the 12 and 26-day Exponential Moving Averages (EMAs). On August 15, Ripple price initially traded at the $0.25 level and later rose to the $0.26 price level. On August 16, XRP price dropped slightly back to the $0.25 level. However, on August 18, the market rose sharply to the resistance level of $0.29.
Today, August 20, the price of Ripple has declined and is trading at the $0.27 level. In the meantime, XRP is forming a new symmetrical triangle as seen in the chart and this is an indication of a breakout. On the downside, if the bulls fail to break the EMAs, the price will drop below the levels of $0.26, $0.25 and $0.24. On the upside, we can expect the bulls to retest resistance at the $0.29 price level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line while below the zero line which indicates a sell signal.
On the 1-hour chart, XRPUSD price is in a bearish trend. The 12 and 26-day EMAs were trending horizontally but are now pointing southward. Today, the price of XRPUSD is falling, if the bearish trend continues, the market will decline to the low of $0.26 level.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
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