- There seems to be no end for bearish Ripple price analysis as XRP crashes again
- The XRP/USD is slumping to touch fresh new lows as the pair touched $0.6510
- The Ripple bulls are struggling to recover from the bearish saga amid challenging times
- Even positive news from Ripple vs. SEC legal battle did not lift the bearish mood
The hopes of recovery in XRP/USD are fading fast as the pair plummets to fresh new lows near $0.6510. The bulls are in no mood to stage a comeback rally as the pair slides to new yearly lows from an earlier high of $1.5. The violent drop in the price is threatening to shatter long-term support levels, leading to a bearish outlook on the weekly Ripple price analysis charts.
The ripple effect can last for days as the bears are adamant about taking the price below the $0.6000 level. The possibility of price going even deeper cannot be ruled out amidst the thin weekend liquidity. Multiple crashes in the price are causing the Ripple to create a lower low pattern on the hourly Ripple price analysis charts.
All the technical indicators indicate further weakness in the price as a violent wave of selling impacts the price severely.
Ripple price movement in the last 24 hours: All eyes on $0.6000 support
At the time of writing, the pair is trading at the $0.7287 level and just close to the 200-day moving average. The price is struggling to consolidate between the Bollinger Bands and constantly moves towards the lower Bollinger Band. The journey towards the multi-year high of $1.9637 left many price points untouched, and it looks like bears are revisiting the gaps.
Ripple price analysis shows that the rise has been abrupt, with many gaps on the way to a multi-year high. The violent movement on the 19th of May wiped off close to $1 trillion from the XRP’s market capitalization. As the traders and investors recover from the shock, the volatility keeps them from building fresh new highs. The zig-zag movement is biased downwards as the price slides at every selling opportunity.
Yesterday’s bounce was short-lived, and the pair could not cross the upper Bollinger Band at $1.30. The bulls have been unable to build momentum to stage a recovery rally. The price is heading lower towards the $0.6543 level. Furthermore, the April lows are now visible on the hourly charts, which further threaten the chances of a quick recovery in Ripple price analysis.
XRP/USD 4-hour chart: XRP moves towards lower support at $0.6500
The bearish XRP outlook is evident from the bearish biased sharp spikes. The pair needs to hold above the $0.8290 level daily to instill confidence in the bulls. Any sharp downturn can take the price towards the support at $0.6500. The January highs trendline shows that $0.6500 is a crucial support level that can play a crucial role in a reversal rally.
When the XRP/USD pair reversed an 11.4 percent gain from the Thursday rally, the upcoming downturn became more evident. A mixed start to the day saw the pair consolidate earlier near the $0.9020 level and hit an intraday high of $0.9681 before reversing.
The RSI at 28 level shows that the pair is highly oversold on the hourly charts. The MACD is also showing extremely oversold characteristics. The extended sell-off can trigger further weakness in the Ripple price analysis, seeing the $0.6500 level break as we move forward.
The first resistance lies at the $0.8573 level, where the 62 percent Fibonacci retracement lies. The bulls will have to create massive volumes in order to cross the $1.00 levels on the hourly charts. The daily charts are now in a neutral to the bearish position.
Ripple price analysis conclusion: Fresh new lows on the cards below $0.6500
Ripple can see a minor recovery rally since all the technical indicators are extremely oversold. Some relief rally is on the cards. However, the price is unlikely to cross $1.00 since there is huge selling pressure near the $0.9635 level. Some crucial support and resistance levels are still untested. Further ahead, the $1.0315 level will also pose a significant challenge to the bulls as per Ripple price analysis.
There is not much support from the broader crypto market due to the negative sentiment. Barring an extended bullish rally, XRP/USD will not cross $1.00 anytime soon. The pair can slide below $0.70 levels if the bears cannot defend the $0.6500 support level.