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XRP USD Analysis of short-term prices
- Ripple price under immediate selling pressure below the $ 0.34 level.
- The decline in the first week sent the XRPUSD pair below $ 0.3188 and a new 2019 trading minimum
- The trade in prices below the neckline of a bearish head and shoulders model, August 2018 may soon become the focus of attention
In the short term, the XRPUSD pair is likely to fall below the reference level of $ 0.30, following the buyers' failure to bring the price back above the $ 0.34 level last week.
The main support for the XRPUSD pair is $ 0.28 and $ 0.25 for the short term.
The failure to present a significant rise above the $ 0.34 level promotes the short-term bearish prospect of a further decline to the $ 0.25 level.
Model clock
The XRPUSD pair broke under the neckline of a bearish head and shoulders model with a downward projection of $ 0.10.
It is worth noting that Ripple was one of the only great cryptocurrencies that failed to overcome the new lows of 2018 during the widespread decline in December last year. Only a break below the $ 0.28 level reinforces the view that the market has become decidedly bearish on Ripple.
Key Moving Medium
The price is traded below the moving averages of the 50 and 100 periods in four-hour periods, indicating short-term weaknesses during the exchange below the levels of $ 0.33 and $ 0.34.
MACD and volume
The MACD indicator on the four-hour time frame is declining and begins to coincide with the decline in the first week seen in the XRPUSD pair.
The volume indicator is falling, with the highest trading volume recorded during January 10thth sell-off in the XRPUSD pair.
Mid-term pricing analysis XRP USD
In the medium term, the XRPUSD pair was traded lower after it became apparent that the potential inverted head and shoulders pattern in the daily time period was starting to fail.
The inability to overcome the resistance level of $ 0.40 so far this year has strengthened the view that Ripple will probably test lower before going higher.
It is quite clear in the daily price chart how crucial the $ 0.25 level is for the medium and long term display for the XRPUSD pair. A loss in this key area supports selling at at least the $ 0.18 level, while failure to break below $ 0.25 supports the idea of another higher uptrend in the medium term towards $ 0.50.
Model clock
A double uptrend double model is already present on the daily chart as clearly illustrated above. A triple bottom formation will clearly be even more bullish in the medium term.
The inverted head and shoulders pattern reversed around the $ 0.55 to $ 0.60 level is weighing on sentiment, this type of technical failure rarely bodes well for reversing the prevailing market trends.
Key Moving Medium
The price is trading below the moving averages of 50,100 and 200 days, with the 50-day closing of, at $ 0.35 A bearish crossover is currently underway, with a change of 50 days under 100 days.
MACD and volume
The daily MACD indicator is decreasing, a clear technical breakout is probably needed to replicate the smallest trend moves in the MACD seen in October and November.
The volume is gradually declining, although the moves in the XRPUSD pair have been relatively quiet this year.
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