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


XRP/USD Medium-term Trend: Bearish

Resistance Levels : $0.46 , $0.47, $ 0.48
Support Levels: $0.44, $0.43, $0.42
Yesterday, June 28, the XRP/USD pair was in a bearish trend. Today, the cryptoasset is still in a downward trend and approaching the low of $0.44. If price breaks the support level at $0.44, the cryptoasset will find another support at 0.44. But if it doesn't, the cryptoasset will continue its range bound movement between the support level at $0.44 and the resistance level at $0.50.
Traders can trade the ranging market pending when the cryptoasset will break out of its range.That is if price tests the support level, you take a long trade and place your stop loss below the support level. Then you exit your trade near the resistance zone. On the other hand, if price tests the resistance level, you take a short trade, and a stop loss above the resistance level. Then you exit your trade near the support zone.

XRP/USD Short-term Trend: Bearish

On the 1-hour chart, the price of Ripple is in a Bearish trend. The MACD line and the signal are below the zero line which indicates a sell signal. Also. the 12-day EMA and the 26-day EMA are above the price of Ripple which indicates that the bearish trend is continuing. Meanwhile, the relative strength index period 14 is level 42 which indicates that price of Ripple is in the range bound zone.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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