Ripple price broke below 25 cents to hit its lowest in 25 days. The third-largest cryptocurrency is now driving close to intraday support levels.
November 21, 2019 | AtoZ Markets – The cryptocurrency market has been under bearish pressure. It seems like the bearish pressure is institutional and organized as it happens during certain times of the day with strong momentum. To some this could translate as technical trigger and to some it is manipulation.
Since mid-September, crypto prices have been swinging up and down, creating wide ranges. Ripple price is going behind against the majors as it looks very weak and vulnerable to downside pressure. It still remains the third-largest cryptocurrency on our top 10 cryptocurrency list for 2019 thanks to its $11.5 billion market capitalization. Overall, the market has shed over $20 billion in November so far. It now remains to be seen whether there will be a resurgence in the second half of the month.
Based on performance, Ripple is lagging behind the top 5 cryptos, excluding USDt. This week so far, all the top 5 cryptos have had significant losses but Ripple is one of the worst performers (-6.5%). In the last 30 days, it has lost close to 15% while other top cryptos recorded gains. BCH price and LTC price, for example, had 9% and 2% profits respectively. If a swift rally does not happen soon, we should see XRP price break below the 25 cents intraday support level. Below 25 cents, we have the 21.2 cents support level. It’s very much likely that the price will remain in the wide 21.3 cents t0 32.7 cents triangle range throughout November.
Elliott wave analysis suggests Ripple price drop
Technically, the bearish trend remains intact. The current price move is showing signs of a bearish contrasting triangle pattern as revealed in the last XRPUSD analysis. The daily chart below shows that Ripple price is still at the mercy of the bears unless a fast break above 32.7 cents happens.
The current sideways move is sitting on a strong support zone which has lasted for over a year and has been tested many times. In addition, the price is also comfortable below a long term bearish trend line. The sideways move could complete a triangle pattern. If this is the case, we should see two more swings within the range – an upswing followed by a downswing. The direction of breakout afterward will tell the best story as to where the Ripple price is heading. If it breaks upside, we should see a resurgence to 37 cents or 55 cents. On the other hand, if the breakout happens downside, Ripple will most likely break below the 21.2 cents low down to 13 cents target.
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