{"id":4790,"date":"2020-09-29T07:48:37","date_gmt":"2020-09-29T07:48:37","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=439960"},"modified":"2020-09-29T07:48:37","modified_gmt":"2020-09-29T07:48:37","slug":"ripple-xrp-at-risk-of-sharp-decline-as-double-top-pattern-emerges","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/ripple-xrp-at-risk-of-sharp-decline-as-double-top-pattern-emerges\/","title":{"rendered":"Ripple (XRP) At Risk of Sharp Decline, As Double Top Pattern Emerges"},"content":{"rendered":"<p><em>Ripple spiked higher and retested the key $0.2550 resistance area against the US Dollar. XRP price failed to break $0.2550 and it is now showing bearish signs below $0.2450.<\/em><\/p>\n<ul>\n<li>Ripple failed to clear the $0.2550 resistance level and likely formed a double top against the US dollar.<\/li>\n<li>The price is now trading well below the $0.2450 support and the 100 simple moving average (4-hours).<\/li>\n<li>There is a key connecting bearish trend line forming with resistance near $0.2465 on the 4-hours chart of the XRP\/USD pair (data source from Kraken).<\/li>\n<li>The pair is likely to decline sharply if there is a close below $0.2400 and $0.2380.<\/li>\n<\/ul>\n<h2>Ripple Price is Likely Forming a Double Top Pattern<\/h2>\n<p>This week, we saw a recovery wave in <a href=\"https:\/\/www.newsbtc.com\/2020\/09\/29\/bitcoin-correction-to-10k-on-horizon\/\" target=\"_blank\" rel=\"noopener noreferrer\">bitcoin<\/a>, <a href=\"https:\/\/www.newsbtc.com\/2020\/09\/29\/ethereum-larger-degree-correction-to-330\/\" target=\"_blank\" rel=\"noopener noreferrer\">Ethereum<\/a>, and ripple. XRP price broke the $0.2450 and $0.2550 resistance levels. The price even spiked above the $0.2520 level and settled above the 100 simple moving average (4-hours).<\/p>\n<p>However, the price failed to the last key barrier at $0.2550. It seems like a double top pattern is forming near the $0.2550 level. Ripple is now trading well below the $0.2450 support and the 100 simple moving average (4-hours).<\/p>\n<p>There was a break below the 23.6% Fib retracement level of the upward move from the $0.2195 low to $0.2550 high. It seems like there is a key connecting bearish trend line forming with resistance near $0.2465 on the 4-hours chart of the XRP\/USD pair.<\/p>\n<p><a href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ripple-XRP-14.png\"><img decoding=\"async\" loading=\"lazy\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-439961\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ripple-XRP-14.png\" alt=\"Ripple Price\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ripple-XRP-14.png 1828w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ripple-XRP-14-460x218.png 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ripple-XRP-14-860x408.png 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ripple-XRP-14-768x365.png 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ripple-XRP-14-1536x729.png 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ripple-XRP-14-750x356.png 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ripple-XRP-14-1140x541.png 1140w\" sizes=\"(max-width: 1828px) 100vw, 1828px\" \/><\/a><\/p>\n<p>An initial support on the downside is near the $0.2400 level. The first major support is near the $0.2380 level (the recent breakout zone). It is close to the 50% Fib retracement level of the upward move from the $0.2195 low to $0.2550 high.<\/p>\n<p>If there is a clear break below the $0.2380 support, the bears are likely to gain strength. The next key support is near the $0.2300 level, below which the bears are likely to aim a retest of $0.2200.<\/p>\n<h2>Fresh Increase in XRP?<\/h2>\n<p>If ripple stays above the $0.2400 and $0.2380 support levels, it could attempt a fresh increase. An initial resistance on the upside is near the $0.2450 level and the highlighted bearish trend line.<\/p>\n<p>To move into a positive zone and extend its rise, the price must surpass the $0.2550 resistance level. The next key barrier for the bulls could be near $0.2620.<\/p>\n<p>Technical Indicators<\/p>\n<p>4-Hours MACD \u2013 The MACD for XRP\/USD is slowly gaining pace in the bearish zone.<\/p>\n<p>4-Hours RSI (Relative Strength Index) \u2013 The RSI for XRP\/USD is now just below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $0.2400, $0.2380 and $0.2300.<\/p>\n<p>Major Resistance Levels \u2013 $0.2450, $0.2465 and $0.2550.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ripple spiked higher and retested the key $0.2550 resistance area against the US Dollar. XRP price failed to break $0.2550 and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":4791,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[112,74,195,197,198],"class_list":["post-4790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-analysis","tag-ripple","tag-xrp","tag-xrpusd","tag-xrpusdt"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4790"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=4790"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4790\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/4791"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=4790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=4790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=4790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}