Ripple analysis: sell signals still im play
15:11, 6 July 2020
Ripple has been tentatively holding above the $0.17 level, as the recent selling pressure surrounding the cryptocurrency remains in place.
Ripple analysis highlights that the cryptocurrency still remains vulnerable to further losses back towards the worst levels of 2020.
Ripple medium-term price trend
Ripple has been trading between the $0.17 to $0.18 price range, as sellers failed to breach the June monthly low last week.
Ripple technical analysis shows medium-term sell signals surrounding the cryptocurrency are still in play.
The daily time frame highlights that the Average Directional Index indicator is showing that the bearish trend is growing.
According to the Average Directional Index indicator a reading above 25 indicates that a price trend has formed.
Looking more closely at the ADX indicator, the daily time frame is showing that the XRP/USD pair is currently generating a 35 reading.
Weakness below the $0.17 level could trigger further losses towards the $0.15 and possibly the $0.12 levels.
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Ripple short-term price trend
Ripple technical analysis over the short-term shows that the cryptocurrency is bearish while price trades below the $0.19 level.
The four-hour time frame shows that the XRP/USD pair is trading around the neckline of a head and shoulders pattern.
According to the size of the pattern, the XRP/USD pair could fall towards the $0.13 support level.
Traders should note that the neckline of the pattern is found around the $0.175 level. Conservative traders may wait for a breach of the June monthly low to initiate new sell positions.
Ripple technical summary
Ripple technical analysis highlights that the bearish trend is growing in strength. A break under the $0.17 support level is likely to accelerate technical selling.
