Ripple is Going to Zero as XRP Price Drops 15% in a Week and Evil Pepe Just Raised $950,000 – How to Buy Early?
As Ripple remains jubilant following recent lawsuit victory against the Securities and Exchange Commission (SEC), price action for network native XRP token remains in a tumultuous retracement.
Far from the dreams of riches that had enticed many intrepid investors to stack large amounts of XRP ahead of the case ruling, lacklustre performance by the XRP token has sent ripples of disappointment through crypto markets.
Despite the initial +96% surge on July 13, a serial retracement move has stolen the momentum behind XRP's anticipated seismic climb, leaving price action reeling.
Currently XRP is trading at a market price of $0.715 (a 24 hour change of -0.14%).
This comes after a failed recovery from retracement last Wednesday, which saw a +28% move reject from similar resistance around $0.8.
As the retracement move seems set to continue, week-on-week performance now stands at a resound -16% as committed bag holders continue to weather significant headwinds.
A crash course down to the 20DMA ($0.68) seems likely, with this critical moving average yet to be tested for support since the dramatic +96% move up.
XRP indicators seem to confirm this view, with Ripple's RSI still showing a strong overbought signal at 58.7.
This minor bearish divergence likely demands that price action will push lower in coming days - with consolidation at the 20DMA a realistic outcome.
Confirmation for the view is further received from the MACD, signalling further bearish divergence at -0.0078.
Overall, this leaves XRP with an unattractive risk: reward ratio of 1.06, facing an upside +5% to reclaim the $0.75 support level, and downside risk at -4.75% down to the 20DMA.
But while XRP is facing a bleak outlook on the short-time frame, smart money are already
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