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Ripple is currently on a downward trend. The market is consistently forming lower highs and lows on the daily chart. Since November 25th, the market has made four tests of the bearish trend line. Each new lower high has been unbroken on the daily timeframe. The market broke the low at $0.370. The key level at $0.370 is now playing the role of a resistance zone after bears forced their way through. The bears have launched another bombshell in an attempt to breach $0.3350.
XRP Key Levels
Support Levels: $345.0, $0.335.0, $320.0
Resistance levels: $0.370, $0.400, $0.410
What Are the Indicators Saying?
The moving averages (periods nine and twenty-one) revealed the bulls’ determination to take over from $0.320. The daily candles rose above the Moving Averages during the latter part of November. A double top formed at $0.410, which led to a fall below the Moving Averages. The bulls were too weak to row against the bullish tides. The market retraced back to the Moving Average of period 21 at $0.370 on the 27th, where the market crashed further. The bulls seem to have no chance; the market is expected to dive to $0.320.
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