XRP / USD: XRP bulls fighting to defend the triangle
Today XRP has returned to the lower limit of the triangle as buyers struggle to keep the price above it. The cryptocurrency struggled to break resistance at $ 0.192 throughout the week, which caused it to fall to the $ 0.185 level. A break below that triangle could result in the Ripple token unfolding towards the $ 0.16 level again. Usually, the descending triangle breaks towards the disadvantage, and this seems more and more likely in the case of XRP.
XRP / USD. Source: TradingView
Looking ahead, if sellers break below the triangle, the first level of support will be $ 0.175 (0.5 Fib retracement). Below that, added support is $ 0.171 and $ 0.157 (.618 Fib retracement). On the other hand, the first resistance level is at $ 0.192 at the upper limit of the triangle. Higher resistance is expected at $ 0.20 (100-day EMA) and $ 0.21.
The RSI is well below the 50 line to indicate that sellers dominate the market moment. For recovery, the RSI is expected to rise and push above the 50 line. However, the RSI recently produced a bullish cross signal under oversold conditions that could help send the XRP higher.
Ripple token creates concerns in 2020
Against Bitcoin, XRP continued its dire scenario this week, after falling below the 2000 SAT level and falling as low as 1950 SAT. Support here is provided by a descending level at 1,618 Fib, and a drop below it could cause the currency to fall further in the market capitalization ranking.
XRP is now trading at a lower level that has been seen since December 2017 and should start showing signs of recovery to attract some new attention.
XRP / BTC. Source: TradingView
If sellers put even more pressure on the XRP below 1950 SAT, support can be found in 1900 SAT, 1890 SAT and 1850 SAT.
On the other hand, resistance is at 2022 SAT, 2071 SAT and 2100 SAT.
The RSI is in the bearish territory as it trades below 50. A push to line 50 would indicate weakened selling pressure, which could allow bulls to enter and press the XRP above 2000 SAT.