XRP is oversold according to MACD and MFI

• XRP price continued its downtrend
• The new support line is forming
• The lowest price achieved since December 2017

Daily XRP/USD price chart

Ripple XRP, as well as all other major cryptocurrencies, recorded substantial loses in the last 24 hours. XRP price against U.S. Dollar has suffered a sharp decline from its recent high of $0.32700 set on the 18th of September. The coin now trades around $0.23700, where the new support line seems to be forming at the moment. On 24th of September 2019, XRP price went as low as $0.21514. This is the lowest XRP price since December 2017. Low tail candlestick formed during that move. Subsequently, the price moved up by 2 cents, a possible suggestion of the lack of bearish interest at that low level at the moment.

Technical indicators on a weekly chart

There seems to be a loss of bearish momentum as indicated by printed filled candle on MACD on the weekly trading chart. To confirm that it may not be the best of times to go short on XRP, one should also look at Money Flow Index indicator which is now below the value of 20, a clear indication that XRP is oversold at the moment.

Chart source: Tradingview

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