Jonathan Morgan
Independent Analyst
- 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.
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