Ripple (XRP), the cryptocurrency for cross border remittance, established a new low price (0.23650), which is lower than that seen during the crypto winter of 2018 (0.24653).
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Although the impressive figures during a period considered the crypto spring, it has not been smooth sailing for Ripple, as the price of XRP in recent days have also followed the bearish trend plaguing most cryptocurrencies.
XRP trades within a range between $0.29354 resistance limit, and $0.2365 support against the U.S. Dollar.
The recent and massive price slump is believed to have taken place due to Bitcoin’s pullback considering that Bitcoin (BTC) traded below $10,200 recently.
XRPUSD Monthly
Following a top-down analysis, we start with a bird’s eye view from the monthly time frame where the pair trades within a descending triangle connecting lower highs on April ’18, September ’18, and June ’19.
The pair at press time trades below the support trend line and the 0.28248 support is under pressure.
A close beyond this level will stress further bearish pressure, and on to the next support at 0.24653.
XRPUSD Weekly
After the breakdown of hidden bullish accumulation on June 03 ’19, the XRPUSD from a weekly chart perspective established resistance at 0.47869 that the bulls could not exceed.
Upon setting a new high at 0.5100, the XRP price plunged by roughly 53.30% from the top, forming the lowest low at 0.23650.
XRPUSD Daily
From the daily time frame, the bears showed their dominance as they broke below bullish accumulation support levels on July 22, August 02 and 13 ’19 for a price decline of about 23.75% from the August 02 breakdown point.
Recently on August 18 ’19, the Ripple (XRP) price broke out of hidden bearish accumulation resistance (0.26567), setting sound support at 0.23650.
After the earlier breakout setup, the XRP bears correct the price surge by about 11.8% and is soon showing signs of bullish continuation by the formation of a hidden bullish accumulation pattern on August 23 ’19.
XRPUSD 4-hour
On August 10 03:00, the XRP price plunged by roughly 19% following a series of bearish signals, mainly the hidden bearish divergence on August 10 03:00 and a breakdown of bullish accumulation on August 14 03:00.
The bulls exited the oversold area from the earlier price plummet, forming a bear trap candlestick pattern on August 16 23:00.
Following another 9.5% price drop from an inside-bar price pattern on August 19 03:00, the bulls again returned the gesture by breaking above double bearish accumulation pattern on August 22 07:00. The XRPUSD shows bullish sentiment on the 4-hour time frame at publication time.
XRPUSD 2-hour
The XRP price plummets by 19.1% after a breakdown of hidden bullish accumulation on the 2-hour chart.
After an exit of the oversold area on August 15 03:00, the XRPUSD breaks above bearish accumulation on August 16 09:00 and August 17 17:00 bring the pair into the overbought area on August 18 ’19 05:00.
The XRP price exited the overbought area on August 18 17:00 and descended by about 9.0% from a breakout of bullish accumulation on the same date.
Five consecutive bearish accumulation candlesticks were signaled on August 21 07:00, which later failed to a breakout on August 21 11:00. The XRP shows signs of bullish recovery.
Conclusion
Mid-term trend direction from the daily time frame shows the XRP price exiting the oversold area; however, confidence to buy into the XRPUSD is not evident on the weekly and monthly time frames.
A price break above a significant resistance will confirm a signal to go long. Meanwhile, the XRPUSD maintains a bearish outlook in the long term.
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