Ripple (XRP/USD) Nose Dives After a Brief Period of Market Indecision

The ranging market behaviour XRP/USD started on the 30th of July to the 18th of August. The tug-of-war went on as both the bulls and bears show weakness. On the 18th of August, the bears grew very strong. They push the price below the 9-day moving average. The price dropped to $0.33467 on the 19th of August. 

The bulls took control of the market on the 21st and they tried to take back the market yesterday, but they were not strong enough to push the price of the market above yesterday’s opening price. As today’s trading session progresses there have not been many impressive moves from the side of the bulls.

 

The Bear Market

The Relative Strength Index (RSI) indicates a bearish market. RSI line is measuring 37.8%. And the direction of the line is facing a downward position. The signal line of the RSI is dropping slowly with a much smoother texture measuring at 48.8%. It has also crossed into the downtrend zone of the RSI indicator. The chances are that the XRP/USD market may fall more. However, there is also the chance, with this present performance of the bulls, that the market may resume another ranging trend at the weaker zone of the RSI.

Scaling Into the 4-Hour Chart

Since the start of the day, bears were in command of the early trading sessions. If the bears can manage to take the rest of the day, they may change today’s trend. The RSI is showing that the bullish momentum of the market is rising. The signal line is currently at 40%. The price o Ripple may range at around the current price.

 

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