- XRP price demonstrates stair-stepping price action to the downside.
- Ripple price has breached oversold levels on the Relative Strength Index.
- Invalidation of the bearish thesis can occur if the bulls reconquer $0.50.
XRP price shows a powerful downtrend developing. Key levels have been established.
XRP price is falling sharply
Ripple's XRP price is building momentum to the downside as the bears have lost support from the $0.47 level. On October 17, the Relative Strength Index (RSI) breached oversold territory on the 30-minute chart as the digital remittance token displays stair-stepping price action to the downside. If market conditions are as genuinely bearish as they seem, a sweep of the October lows will likely occur.
XRP price currently auctions at $0.45. The 8-day EMA and 21-day SMA catalyzed the current decline on Monday, October 17, rejecting the XRP price from the $0.485 level. If market conditions persist, the moving averages are likely to produce a bearish death cross, which will spell serious trouble for bulls in the market.
XRP/USDT 30-Minute Chart
A sweep of the October lows at $0.44 is now just 3% away from the current market value. Investors should expect the lows to get tagged based on the RSI and stair-stepping price action The next key levels of interest are the congestion zones at both $0.40 and $0.37.
Invalidation for the bearish downtrend is a breach above $0.50. If that’s the case, a countertrend rally towards the September highs at $0.56 could occur, resulting in a 22% increase from the current XRP price.
In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team