RippleUSD made a significant move on the daily chart. Yesterday’s daily candle made a breakout at the support level which held the daily price for a long time. The breakout was strong and explicit. As things stand on the daily chart, traders are to look for short opportunities with RippleUSD in the coming days. Let us have a look at the RippleUSD daily chart.
The Daily Chart
The level of 0.3715 was the level of support where the daily candle had a bounce four times. The arrowed candle (yesterday’s daily candle) made a breakout and closed below the level. This would attract the sellers to go short on the pair. Today’s price action has been very bearish and intraday charts such as 15M, 30M, H1 have already made a breakout at yesterday’s lowest low. The daily chart suggests that RippleUSD may get more bearish by keep making downside breakouts in coming days.
Let’s have a look at the H4 chart to find out potential pull back and resistance level.
The H4 Chart
The way the price has been heading towards the downside, it might not be the time for a correction as yet. However, the price had a bounce at the level of 0.3130. If the price starts having a correction from this level, then the level of 0.3420 might be held as the level of resistance. An H4 reversal candle at the level of 0.3420 followed by a breakout candle at the level of 0.3130 would drive the price to go towards the South further.
The Bottom Line
All crypto currencies have been bearish lately. Among them, RippleUSD looks to be very bearish. The sellers have taken control. A question may be raised here how long the trend remains bearish. Obviously, it is a tough question to answer, but looking at the daily chart, it can be said that RippleUSD is not going to be dominated by the bull soon.