Ripple’s XRP bear flag break looms as crypto market erases $3 billion
|- Ripple waterfall drop bounced above $0.50; bearish trend is far from over.
- XRP/USD sideways trading could culminate in slide below $0.5.
Volatility had been ousted from the cryptocurrency market in October. However, the virtual currencies are back to their usual swings led by the third largest digital asset by market capitalization Ripple (XRP). Ripple price resumed the uptrend following the dip that found a support at $0.49 over the last weekend. The upside commenced on Monday with Ripple value jumping above $0.50 but falling short of the hurdle at $0.53.
Ass mentioned below, the volatility back and especially for XRP. The price reacted with a bear move on the failure to break above $0.53. The bulls fought to retain the price above $0.51 but the strength from the bear pressure yesterday, Tuesday 13 sent XRP/USD topping head first below $0.50. However, the buyers’ intent to pullback up pushed for recoil forming a bear flag pattern. The immediate resistance at $0.515 is a significant hurdle and a breakout point for Ripple price to attack the levels beyond $0.53 towards $0.6.
The bear trend is likely to continue as the price reacts to the bear flap pattern. However, indicators like the MACD and the RSI show that Ripple will stay stable at the current value in a sideways trend. The 50 SMA is currently crossing below the longer term 100 SMA, which means that the bear pressure will stay put in the coming days.
XRP/USD hourly chart
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