Ripple has a short-term trading bias, with the XRP / USD pair tumbling below its 200-period moving average on the four-hour time frame.
The four-hour time frame is showing a large pattern, with XRP / USD sellers now testing towards the neckline of the .
Technical indicators across the four-hour time frame have turned heavily and continue to signal further near-term losses.
Traders should note that if the pattern on the four-hour time frame is triggered, the XRP / USD pair could fall to a new 2019 trading low.
Relative Strength Index
The indicator is on the four-hour time frame, although the indicator is attempting to correct from oversold territory.
The indicator has turned on the four-hour time frame and is still generating a sell signal.
Over the past weeks XRP has been hampered by a number of negative catalysts. CTO David Schwartz has sold a share of his tokens, and the company also announced that it has increased the share of sold XRP by 31% in comparison to the previous quarter. With the current sell-off for alt coins, the increased supply of tokens has likely created additional downward pressure on the token price.
XRP / USD Medium-term price analysis
Ripple has a medium-term trading outlook, with the XRP / USD pair falling to its weakest trading level since late January 2019.
The daily time frame shows that a technical breakout is underway, with the XRP / USD pair now trading below a large that has been dominating the daily time frame this year.
Indicators on the daily time frame have turned and show scope for further downside.
XRP / USD by TradingView
Traders should note that the overall downside protection of the on the daily time frame is close to $20.00.
Relative Strength Index
The Indicator on the daily time frame has turned and shows scope for further downside.
The indicator on the daily time has turned and is issuing a strong sell signal.
Although Ripple continues to expand its partner network, there is still little information on how the company is progressing with adoption of xRapid, which directly utilizes XRP for cross-border payments. The absence of positive news and development in this direction could have a negative effect on the value of the project.
Ripple has a outlook across both time frames with the third largest cryptocurrency by market capitalization erasing all of its hard-earned gains from earlier this month.
The XRP / USD pair could come under significant pressure over the medium-term if the recent breakout on the daily time frame is confirmed.