Well, can’t say much about bears, but Volatility has definitely left Ripple with its all-time invariant attitude. After a week-long sluggishness, the last couple of days witnessed a lot of chaos in the market while leaving investors fidgety.
While Bitcoin faced bearish troubles a little below $4000, XRP formed a dip at $0.11, breaking support levels near $0.16 and $0.17. Notably, the price was above $0.20 a day before yesterday, and within just a day, the infamous Corona effect washed off all the gains.
Is the Recovery Fading for XRP?
Ripple’s immediate price rebound noted a hike of 39%; meanwhile, the coin has formed an inverted head and shoulder pattern. Apparently, its right shoulder has acted as its initial hurdle near $0.14 in its price recovery.
Head & Shoulder Chart
After it overcame the plunge near $0.14, XRP coin has formed a bearish trendline showing that the price rebound might not fulfil any bullish expectations in the near term. Also, the current market scenario denies welcoming any positive price rally.
Notably, SMA lines of Ripple has formed a bullish crossover recently; however, the price trend doesn’t resonate with the same.
The coin is below the 200-EMA line with a negative outlook. Also, the Bollinger bands are not showing any clear signs of upcoming volatility. MACD chart of the coin is in the bearish zone right now.