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Ripple Rejection From $1.2 Closes In On $1 As More Declines Beckon

XRPUSD price chart


  • XRP price forced below $1.1 and the 100 SMA following overhead pressure at $1.2.
  • The MACD and the RSI emphasize the emergent selling pressure, risking Ripple’s freefall to $1.

Ripple had gradually and with struggle rose to $1.2 during the weekend session. In September, the international money transfer token lost ground to $0.86. The lower prices allowed more buyers to come, thus lifting the token above $1. Bulls have their eyes glued on $1.4, but the barrier at $1.2 and $1.1 currently limit their efforts.

XRP Price Faces Short-term Resistance At the 100 SMA

Ripple trades around $1.09 at the time of writing. This follows a rejection from $1.2, as mentioned. The 100 Simple Moving Average (SMA) emphasizes the immediate resistance. If bulls do not recover above this level, and by extension $1.1, overhead pressure is bound to increase, leading to more losses to $1.

The Moving Average Convergence Divergence (MACD) adds credence to the bearish outlook. A sell signal will likely confirm in the incoming sessions. It will manifest as the 12-day Exponential Moving Average (EMA) crossed below the 26-day EMA. The odds for a further breakdown will soar if the MACD moves to the mean line and crosses into the negative region.

XRP/USD 12-Hour Chart

XRPUSD price chart by Tradingview

Note that the Relative Strength Index (RSI) validates the sellers’ grip on Ripple. This technical index follows the trend of the asset and calculates the strength. A continuous downward movement shows that sellers have the upper hand. Traders should be on the lookout for more action under the midline, which will add weight to the pessimistic narrative.

On the upside, Ripple must reclaim the position above the 100 SMA on the 12-hour chart and $1.1 to resume the uptrend. A move such as this will confirm to the investors that the token has what it takes to sustain an uptrend to $1.4 in the near term.

Ripple Intraday Levels

Spot rate: $1.09

Trend: Bearish

Volatility: Low

Support: $1.05 and the 50 SMA

Resistance: The 100 SMA and $1.2

 

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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