fxs_header_sponsor_anchor

XRP price in free fall below $1.00

  • XRP price tanks as much as -16.5% Monday after bulls cannot support the $1.00 or $0.90 value area.
  • XRP now trades in some of the most bearish conditions since May.
  • Bulls look unable to support XRP as prices are likely to continue to collapse.

XRP price continues to show extreme weakness as bears continue to drive bulls into very near capitulation levels. The current Ichimoku Kinko Hyo chart for XRP is the most bearish chart XRP has seen since May 2021.

XRP price fails to hold $1.00 as support, $0.90 also fails as bears tear through the bullish support structure

XRP price is at a make-or-break level. The bulls have failed to hold one of the most important price levels for XRP: $1.00. Not only did $1.00 fail, but bulls failed to hold $0.90 on the initial test, letting XRP drop as low as $0.86.

Bears are (and should be) likely emboldened given the present conditions on the Ichimoku chart. XRP price is trading below the Tenkan-Sen, Kijun-Sen and the Cloud while the Chikou Span is below the candlesticks. This is the single greatest bearish Ichimoku state that XRP has been in since May.

XRP/USD Daily Ichimoku Chart

The following price level for bears to assault is the shared Fibonacci confluence zone at $0.69; the 61.8% Fibonacci retracement and 161.8% Fibonacci expansion shared that value area. Bears have a high probability of pushing XRP price below $0.80 and $0.70 because the defense bulls made $1.00 and $0.90 was highly anemic.

For bulls to turn this market around, XRP price will need to push back above the Cloud, Tenkan-Sen and Kijun-Sen. The Chikou Span will likewise need to close above the candlesticks. XRP will need to trade at $1.21 for the current bearish trend to be eliminated.


Like this article? Help us with some feedback by answering this survey:

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.