Ripple price forces traders to lessen their load as bears aim for $0.70
- Ripple price has an Evening star printed on the two-day Chart.
- XRP price has formed a double top on the relative strength index.
- Invalidation of the bearish model will be a close above$ 0.92.
Ripple price failed last week's anticipated bull rally into the $1 zone. Market makers could go all out to grab liquidity from weak-handed traders.
Ripple price could continue heading south
Ripple price has been one of the only cryptocurrencies to diverge from the bullish price action in the crypto market this week. Last week's bullish trade setup was completely invalidated as the bulls lost steam mid-rally at the $0.90 level. The anticipated rally was abruptly halted as the bears sent Ripple price back into the invalidation level at $0.79 this Thursday.
Ripple price is now hovering at $0.83. Traders are likely seeing the current XRP price as safely respecting the overall bullish trendline. However, they may be rudely mistaken in the days to come as the two-day Chart points to subtle cues of further downside price action. For one, XRP price has printed a very bearish Evening Star on the two-day char. Secondly, the Relative Strength Index shows a double top formation around the 60 level, which could enable the XRP price to retest $0.74 and possibly the $0.70 zone.
XRP/USDT 2-Day Chart
Still, early bulls have a chance of being on the right side of the trade. Time will tell who will hold the trophy entry for the XRP price. The safest invalidation for further uptrend on Ripple price will be a close above $0.9252. If this were to happen, Ripple price will likely moonshot back to $1 and potentially $1.08, resulting in up to a 30% increase from the current XRP price.
Author
FXStreet Team
FXStreet
