Ripple: Price Analysis, August 13

14

XRP/USD

Ripple has continued its journey southwards to the major support of $0.24001. For the past two days, the bulls are trying to hold the $0.288 line, but the recovery has been weak. This points to a continuation of the decline.




XRP/USD




The only thing in favor of the bulls is that the RSI is deeply oversold, which suggests that the selling has been overdone and a pullback is due. Any corrective rally will face a stiff resistance at the 20-day EMA and above that at the 50-day SMA.

It is not a good trading strategy to try to catch a falling knife. We shall wait for the decline to end and a bottom to form on the XRP/USD pair before recommending any long positions on it.

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