The Downward trend for Ripple price chart and the pair XRP/USD continued with breaking below the psychological and complex double top formation that supported it. This triggers and initiates a “sellers return flow” tanking the price lower or the most the same height as the chart pattern.
For now it looks like the path with the easiest flow and least resistance is downside as the indicator 100 SMA is lower than the long-term 200 SMA but keeping in mind that the moving averages are together and noting that pressure to the buyers will be done causing an upside crossover possibility.
While the Oscillator is closing in to the oversold area and signaling a bearish exhaustion the Stochastic is flowing lower and XRP/USD could be going after it. Because of the early one, buyers could be turning the tides as sellers could be reserving their gaining.
A bounce could happen because of approach towards the oversold zone even of the selling pressure going on. Support might be found by the price before heading even more south at around $0.16.
With all the tension being at ease right now after Kim Jong Un mentioning that North Korea will not take any move to execute any missile trike before US before takes turn, made the demand for the dollar increase as traders are coming back for the risk of profit.
In times like that, cryptocurrencies are tanked as investors put their funds back in traditional markets like stocks and commodities. A return in risk aversion, on the other hand, could spur demand for digital assets like Ripple once more since these offer higher returns outside of traditional markets.