Ripple Declines to the Previous Low as It Faces Rejection at $0.37
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Ripple (XRP) Long-Term Analysis: Bearish
Ripple’s (XRP) price is in a downtrend as it faces rejection at $0.37. The selling pressure has extended to the low of $0.32. For the past three days, the altcoin has been fluctuating above the $0.32 support. Since on August 28, XRP has been range bound between $0.32 and $0.35 price levels. On the upside, if XRP overcomes the resistance of $0.35, it will rally above the moving average lines. Subsequently, the bullish momentum will rise to the previous highs. On the other hand, if sellers break below the $0.32 support, XRP will decline to the previous low at $0.30.
Ripple (XRP) Indicator Analysis
The cryptocurrency is at level 41 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone and may decline to $0.30 low. XRP will decline as price bars are below the moving average lines. The Crypto is above the 25% range of the daily stochastic. XRP is in a bullish momentum. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend.
Technical indicators:
Major Resistance Levels – $0.80, $1.00, $1.20
Major Support Levels – $0.60, $0.40, $0.20
What Is the Next Direction for Ripple (XRP)?
Ripple is trading and fluctuating above $0.32 as it faces rejection at $0.37. XRP will further decline if the current support is breached. On August 20 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that XRP will fall to level 1.272 Fibonacci extension or $0.31. In the meantime, XRP is trading at $0.33 at the time of writing.
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