Ripple Price Analysis: Fresh Low Of The Year, Any Further Downside From Here Would Be Devastating
- Ripple takes support at lower level.
- Any further fall from there and it would be chaotic.
Ripple (XRP-X), which is trading deep in the red, has managed to bounce a bit from the lower levels. But as long as it remains within the kissing distance of the lows of the year hit today, it will continue to be a red flag for the bulls.
XRP/USD is down 8 percent on day at $0.451 after making a low of $0.4437. On the hourly chart, the crypto took support exactly at the descending trendline and managed to bounce a bit. But what remains a worry for the bulls is the fact that it is still in a waving distance from that low and any small bounce would only be a selling opportunity for the bears.
If XRP manages to break below this low too, then all hell breaks would lose and it would be a long summar holiday for the bulls.
XRP/USD hourly chart:
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