Technical Analysis and Market Entry: XRP/USD Bears May Take Another Bite

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The XRP price is moving within consolidation mode, following the beating it took from late June. XRP/USD has dropped some 45% within the last seven trading weeks. It fell from the heights of $0.5000 after failing to smash through this large psychological area of resistance. The price has not traded above that level since November 2018.There was much initial promise in the bulls run higher for XRP, as the price behavior was giving the right signals. XRP/USD had been stuck within a very stubborn downward trend, where a tough acting descending trend line was forcing price rejections.XRP/USD has been forced to retreat to a critical area of demand, which is seen down at the low $0.3000 mark. The price has not traded below the zone of $0.3000-$0.2500 range since December 2017. Should the bears manage to force a break and closure below via the daily time frame, this could cause…

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