FxWirePro: Ripple price analysis - More dips likely on frequent occurrences of bearish patterns at stiff resistance, both leading and lagging indicators substantiate

Ever since the lawsuit against Ripple Labs, its CEO, and subsidiary, XRPUSD has formed spinning top followed by shooting star patterns have occurred at 0.7325 and 0.7275 levels respectively (refer 4H chart). As a result, the failure swings at stiff resistance you can easily make out and the considerable steep slumps below 21SMAs.

For now, similarly, the failure swings are observed at the same level by displaying shooting star patterns at 0.7269 and 0.7372 levels. Consequently, the price has slid below DMAs, the current price is still below DMAs despite today’s rallies (refer 4H chart).

We could now foresee more slumps on bearish SMA and MACD crossovers that indicates downswings likely to extend further.

Back-to-back shooting stars have occurred on daily plotting as well that evidence considerable price slumps below EMAs, one can expect more slumps on bearish EMA and MACD crossovers.

While these bearish sentiments are substantiated by the momentum oscillators as well on both timeframes, both RSI and stochastic curves are showing downward convergence to indicate the strength and the bearish momentum in these prevailing price dips.

Hence, it is wise to snap any deceptive rallies to deploy shorts contemplating above-stated both fundamental as well as technical driving forces.

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