Ripple is one of the most popular cryptocurrencies. By the amount of volume traded, it is next only to Bitcoin. The total volume traded since its open today has already surpassed 49 million. The cause of concern, however, is that it has turned strongly bearish in the short term.
XRPUSD price analysis and movement
XRPUSD Chart Published on TradingView.com
Here is the four-hour timeframe chart for XRP. The day’s range for Ripple is $0.18208 — $0.18636. As of writing this article, Ripple is trading close to the day’s high.
- Ripple is in a bear-flag formation in the short term. Right now, it is in the parallel channel part of the flag. If XRP starts dropping, it could reach $0.16945. This is equivalent to an 8.8% decline.
- There is a crucial support, however, at $0.182. But, if we look at the MACD and the Relative Strength indicator, both of them point to a bearish movement in the short term.
Comparison between Bitcoin BTCUSD and Ripple’s XRPUSD movement
The best way to analyze the movement and the upcoming possible declines of both Bitcoin and Ripple is by superimposing their price charts.
Here is the four-hour timeframe chart of BTC and XRP.
One crucial observation from this chart is the fact that Ripple has not been as volatile to macro news as BTC. Even the slightest of good or bad news has caused tremendous movements to the price of BTC.
Although Ripple fell after the crude prices turned negative, it has not fallen as much as BTCUSD. Ripple continues to be in a consolidation zone currently.
Trade recommendation for the short term for Ripple would be to go for short positions. Entering the trade at the right time would be crucial. The ‘target buy’ would be around $0.170 and lower.
