XRP Bulls Strive For $0.3, But Bears Look to Confirm Daily Downtrend

403
XRP Bulls Strive For $0.3, But Bears Look to Confirm Daily Downtrend
Advertisement

The bulls and bears have been battling at the $0.30 level for the past two weeks. The bulls were able to break above the level several times but could not see any sort of continuation.

This shows a big lack of strength for the bulls which have lost both EMAs that have crossed bearishly. The decisive fall of the bulls happened because Bitcoin also couldn’t hold the important $9,000 level.

XRP is currently trading at $0.27 where the last support level stands. If the bulls cannot defend this level, the bears will confirm a daily downtrend. There aren’t other effective support levels nearby, the closest is located at $0.25.

The 4-hour chart is currently favoring the bears which are looking to see more continuation of the downtrend with pretty solid volume.

XRP Bulls Strive For $0.3, But Bears Look to Confirm Daily Downtrend
XRPUSD Chart By TradingView

The weekly chart is actually not looking too bad for the bulls which are trying to set a decisive higher low to eventually change the trend. The bulls still need a lot of work though as it’s not guaranteed that a higher low will be set.

Advertisement

The monthly chart is far worse for XRP which has been performing really poorly throughout the whole year. Currently, XRP is in a pretty steep downtrend that won’t change any time soon unless the bulls are able to pull off a “miracle”.

Not everything is bad news for XRP as the downtrend has been slowing down and the bearish volume hasn’t been that deep.


Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram