Ripple Price At Major Support, But Bearish Bias Persists

Summary:

Ripple price dropped over 17% yesterday and now meets important support. However, bears will likely keep selling any bounce.

Ripple price has fallen significantly from its 2021 highs. At one point in time during the 2021 crypto frenzy, Ripple traded close to $2.

But then Elon Musk has tweeted about the harmful impact Bitcoin mining has on the environment and the cryptocurrency market rout started. Moreover, recent China’s cramping on the Bitcoin industry has led to the coins declining significantly.

Only yesterday, Ripple price has lost over 17% of its value – a huge decline, no matter how optimist one is regarding the future of the cryptocurrency market and any coin in particular.

Unfortunately for Ripple bulls, the bigger technical picture does not look positive at all. While the price has reached support given by a previous resistance area, the price action remains bearish. Only a move back above $1.1 would suggest the bearish trend reversed, as it means that the market was strong enough to break the series of lower highs.

Ripple Price Technical Analysis

Bears may want to sell a bounce in the Ripple price. As such, a bounce to the 0.8 or 0.9 would be what bears want as they may sell with a stop at the previous lower high ($1.1) and with a target at the lower edge of the support area ($0.2).