Ripple Technical Analysis: 20-day SMA Prevents Further Drop
Daily Ripple XRP Price Analysis
- The Ripple price had three straight bearish sessions.
- XRP crashed below critical levels in the 4-hour chart.
- The parabolic SAR has flipped from positive to negative.
- The MACD shows increasing bearish market momentum.
- The 50-bar and 200-bar SMAs have reversed from support to resistance.
The buyers took charge of the Ripple price on April 26 as it jumped from $1.03 to $1.65 till May 1 – rising by ~6%. During this upward climb, XRP flipped the 20-day SMA from resistance to support. However, this is where the climb was blocked by the $1.65 resistance.
Ripple PriceHas Three Straight Bearish Sessions
After hitting the $1.65 resistance line, the Ripple price dropped to $1.40 this Tuesday - after charting three consecutive bearish days. As things stand, the 20-day SMA has prevented further downtrend.
Image: XRP/USD daily
In the 4-hour Ripple price chart, XRP has flashed multiple negative signals:
Image: XRP/USD 4-hour
Jed McCaleb’s XRP dumping spree continues
Jed McCaleb, the former CTO of Ripple Labs, has slowly been selling his XRP holdings over the years. The former executive has yet again moved another significant amount of XRP recently, according to data from XRPscan. But this dumping event took an unusual route when compared to his previous ones.
Over the past week, McCaleb dumped 111 million XRP from his “taco stand” wallet, which comprised of the following transactions:
Interestingly, McCaleb received 442,127,865 XRP from Ripple Labs on May 1 after his selling spree. XRP enthusiast and blockchain researcher Leonidas Hadjiloizou took to Twitter to share the news and his views on the transactions.
This week (Sunday to Saturday) Jed will be selling 17,3m XRP per day, slightly less than the 18,5m in the past week.
ð® was topped up yesterday with 442m XRP. ATM, Jed holds a little less than 1,7b XRP.
At 15m XRP per day, all the XRP will be gone by the end of the Summer.
Ripple Price Is Expected To Reach These Levels
The Ripple price will likely break below the 20-day SMA and reach the 50-day SMA ($1) if the buyers don’t get their head into the game.