Ripple (XRP) Losing All Strength, Do Bulls Stand Any Chance?

November 19, 2019 By: Robert Weiss

XRP has been underperforming throughout the whole year. Initially, the digital asset was trading at around $0.35 but quickly dropped down to $0.30 and below and traded there for a few months. In May of 2019, alongside the rest of the market, XRP saw a significant bull run and peaked at $0.51, however, this move didn’t last for too long.

July was one of the worst months for XRP and the digital asset has been unable to recover ever since. XRP is currently trading at $0.255, almost 5 cents lower than at the beginning of 2019.

The daily chart is in a clear downtrend now and the bulls have lost almost all the gains they saw during October. The RSI is in the oversold area which could help the bulls see a bounce in the near term. Unfortunately, there is no nearby resistance at this point and the bears could take XRP down to $0.212 again.

The weekly chart was looking quite good for XRP but the bulls have been unable to defend the 12-period EMA and have lost all support levels here too. They still have the chance to set a higher low as the bear volume hasn’t been too impressive.

The monthly chart is definitely in favor of the bears and the bulls would need a huge bull run in order to change this chart.

Follow us on
Daily updates

Leave a Reply

avatar
  Subscribe  
Notify of