XRP Price Looks Ready to Drop Another 20 Percent: Ripple Shorts Get Ready

XRP/USD Medium-term Trend: Bearish

Resistance: $0.59 , $0.60, $ 0.61
Support: $0.57, $0.56, $0.55

Yesterday, June 11, Ripple asset fell to the low of $0.57. It was assumed that the asset might continue with its fall to its previous low at $ 0.55. Also, that if the asset fell to its previous low traders should initiate long orders at that level. Meanwhile, Ripple is currently trading at $0.58 as at the time of writing.

From the 4-hour chart, price of Ripple is in a sideways trend. The Ripple asset now fluctuates from the low of  $0.57 to the high of $0.59. Meanwhile, the MACD line and the signal line are below the zero line indicating a sell signal for the asset. Also, the 12-day EMA and the 26-day EMA are above the price bars of Ripple asset indicating that the bearish trend is ongoing.

XRP/USD Short-term Trend: Bearish

On the 1-hour chart, price of Ripple is in a bearish trend. However, in the lower time frame, the MACD Line and the signal line are below the zero line indicating a sell signal. Whereas the 12-day EMA and the 26-day EMA are neither above nor below the price bars of the asset which results in a neutral signal.

The views and opinions expressed here do not reflect that of BitcoinExhangeGuide.com and do not constitute financial advice. Always do your own research.

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