Ripple joined other major cryptocurrencies in adding sorrow to a bleeding market. The consolidation above $0.30 level culminated in acute declines at the Bollinger Band constriction. The painful downtrend bled the bulls dry as they pushed against vital support areas at $0.28 and $0.26.
The intense pressure on key support levels saw $0.24 support tested for the first time since August 2018. Although $0.24 has been rock-solid support, volatility is still very high across the market. For this reason, If Ripple fails to correct above $0.30 in the short-term, potential for declines towards $0.2 is immense.
Looking at the 4-hour chart, XRP/USD path of least resistance is still south. Technical indicators are strongly bearish accept for the Relative Strength Index (RSI) which has hit oversold levels. Emergence above the oversold could signal more buying orders.
On the other hand, the Moving Average Convergence Divergence (MACD) has a wide negative divergence. This means that bear pressure is still high despite the shallow recovery to $0.26 (current market value). To escape the bear pressure, Ripple has to reclaim the position above $0.30.