It looked like cryptocurrencies were starting to bonce higher after the crash in May, but all attempts to reverse the course higher ended up being a dead cat bounce. Then they traded sideways for about a month, suggesting that they were going to stabilize at last.
But, bow we are seeing some increased bearish momentum again in the cryptomarket. Ripple coin (XRP) fell to $0.64-65 during the crash last month, where it formed a bottom and bounced from there to above $1.
Although, the 20 SMA (gray) turned into resistance on the daily chart and it has been pushing the price in XRP/USD down on this timeframe. Yesterday we saw Ripple form a hammer candlestick, which is a bullish reversing signal, but there has been no bullish bounce.
Instead, the selloff is continuing today and now Ripple coin is facing the lows from May, where the 200 SMA (purple) is also trying to ct as support at the bottom. Although, the decline seems broad-based as we explained in our Ripple 2021 forecast across the crypto market today and the 200 SMA is giving up, so it seems like the bearish momentum will continue in the crypto market.