Ripple (XRP), Monero (XMR), and Bitcoin Cash (BCH) are all top cryptocurrencies that have fared rather badly in recent times. It might have been due to the current uncertainties in the market or other factors at play. Either way, the momentum has been on the downtrend and technical indicators are pointing towards further lean times on the market. Let’s look at the technical analysis of XRP, XMR, and BCH.
If everything went according to plan, XRP could be one of the best price gainers in cryptoverse. That hasn’t been the case.
Ripple’s token price is trading under huge pressure as it slides down for the third day running. The bears are pushing it into the abyss where it currently sits at $0.54. The XRP/USD pair broke below its key support zone of $0.56 earlier today and is now looking at about 50 cents. This area presents another key support line and sellers could play a big role in XRP breaking below.
The coin is now trading at the 78.6% fib level and any further decline could see it dip further towards the $0.45 support line. Selling pressure beyond the current prices could bring April’s low of 40 cents into play and dampen prospects of a quick rebound.
At the moment, XRP needs to get vital short-term support at $0.525. This will prevent consolidating support around its double bottom. The coin need s to see major moves above its earlier support level of $0.56 and a push back above $0.60 to see it try for the key resistance point of $0.75.
Contrary to the above, XRP/USD will stay below the downtrend line signaling further selling. What is needed is a recovery towards the June 11 pin bar that indicated bullishness. This should critically take the coin back to $0.70 and allow long positions. Further news that buoys sellers will be calamitous in the short-term.
Monero’s price plunge sees it trade at November 2017 lows when the prices ranged between $120 and $130. Much of its current drop has been in the latter stages of May and June. If the trend continues, we could see further depreciation towards October lows of sub-100.
Like other coins, XMR is also reeling under selling pressure, seeing a series of lower lows over three months. This has put the sellers in charge and any form of an uptrend will meet a lot of resistance.
Monero has failed to get support at its key support zones at $149, $144 and $140. That has seen it dip to current prices of just above $120. This has exposed the possibility of the prices moving towards the next stop at $115.
A candlestick formation from the previous week and bullish pin bar with lower lows failed to stop declines since Monday.
Monero (XMR) prices have remained within the range, successive downtrends coming into play. The immediate key resistance level has been $180 and if support dwindles once more, it could move to $160. At the moment, XMR needs to gain an upside momentum to prevent breaking below the current price. A good recommendation for XMR holders is to watch for any higher highs before selling.
Bitcoin Cash (BCH)
Bitcoin Cash has tumbled as it failed to get support at the $990, $950, and $920 levels. The BCH/USD pair is currently in a downtrend that could see it break below $850 within the next day or two.
The 4th ranked coin has again taken a beating from the bears, dropping by 8% on Wednesday. This downtrend comes despite the attempts to break above Sunday’s price levels. The pennant pattern that has formed is likely to see more moves below than attempts to rebound. As a result, there’s huge selling pressure which is compounded by the fact that the price has fallen within a range.
Bitcoin Cash is now looking at May lows of between $840 and $870. The bulls must find strong support here and push back above $900. If that fails, it could retest the 78.6 fib level and possibly move further away from the 200EMA.
If this happens, two possibilities could be at play. It could both test the key areas above it and bounce back above $900 or break below the support line and head for the $820 area. Further down it could tail to $800 and then $765.
Moving forward, attention should be on the RSI and the current range of $840 to $870. Any movements below this level see February’s $750 as the next major support base. Upward trends will see the coin test the key resistance of $1000- $1035 price range being achievable in the short term.