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

XRP/USD Medium-term Trend: Bullish

Resistance: $0.66 , $0.67, $ 0.68
Support: $0.64 $0.63, $0.62
Yesterday, the price of Ripple was in a bullish market. The price of the asset rose to the high of $0.70 and was  resisted by the bears. It was assumed that if price rose and broke the high of $0.70 the asset may not face any opposition to reach the high of $0.90. Meanwhile, the price of Ripple is currently trading at $0.64 as at the time of writing.

However, from the 4-hour chart, price of the asset has fallen to the low of $0.64. Nevertheless, the 20-day moving average is above the 50-day moving average indicating that price of Ripple is rising. Price fell from the resistance level at $0.70, and for the asset to reach the high of $0.90; it must break the resistance level at $0.70.

LTC/USD Short-term Trend: Ranging

On the 1-hour chart, price of Ripple is in a ranging market. The asset fell from the high of $0.70 and commenced  a range bound movement. A ranging market has no particular direction. Traders will have to note the critical levels of resistance and support of the asset because these are the levels to trade upon when trading the asset. The relative strength index period 14 is level 26 indicates that the market is oversold suggesting bulls to take control of the market.

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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