Ripple price started a fresh downside wave from $1.3438 and moved below $1.2500 against the US dollar.
-There was a break below a key bullish trend line with support at $1.2150 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
-The pair is currently heading lower and it may soon retest the $1.1250 support area.
Ripple slumped 8.38% on Monday to end the day at $1.25293, with the only positive from the day being the fact that the losses were not steeper, with an intraday low $1.24538 being hit in the final hours of the day.
After a price recovery around $1.3000, XRP faced sellers on the upside against the US Dollar. The price traded as high as $1.3438 and it later started a downside wave. It traded lower and broke the 38.2% Fib retracement level of the last leg from the $1.0595 low to $1.3438 high. It opened the doors for more losses and the price traded below the $1.2500 support and the 100 hourly simple moving average.
Late sell-offs don’t bode well for the following day and at the time of writing, Ripple is down 5.24% to $1.1986, sitting well below this morning’s intraday high $1.2815 as Ripple bears the brunt of the negative sentiment towards the cryptocurrencies at the start of the week.
For the day ahead, Ripple will need to move through $1.25 levels in the early part of the day to avoid testing this morning’s $1.1801 intraday low, with sub-$1.20 support levels unlikely to be enough in the event of a further pull back this morning.
Major Support Level – $1.1250
Major Resistance Level – $1.2500
It’s certainly not going to be an easy day ahead for the cryptomarkets.
