Ripple Holds above $0.30 as Bulls Target the High of $0.38
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Ripple (XRP) Long-Term Analysis: Bearish
Ripple’s (XRP) price has declined to $0.30 support as bulls target the high of $0.38. For the past week, XRP has been trading above the current support. The bulls have been making short rallies to the previous highs. In the meantime, XRP is fluctuating between $0.30 and $0.34 price levels. On the downside, the bulls have stalled further downward movement of price. They have defended the $0.30 support as the coin makes upward rallies. On June 15 and 17, buyers pushed XRP to the high of $0.34 but were repelled. On the upside, XRP will rally to $0.38 if the bulls clear the resistance at $0.33 and $0.35.
Ripple (XRP) Indicator Analysis
Ripple has risen to level 38 of the Relative Strength Index for period 14. XRP is rising as buyers emerge in the oversold region of the market XRP’s price bars are below the moving averages indicating the downtrend. It is above the 25% range of the daily stochastic. Buyers are emerging from the oversold region of the market.
Technical indicators:
Major Resistance Levels – $2.00, $2.50, $3.00
Major Support Levels – $1.50, $1.00, $0.50
What Is the Next Direction for Ripple (XRP)?
Ripple has been consolidating above the $0.30 support as bulls target the high of $0.38. The altcoin risks further decline if the $0.30 support is breached. Meanwhile, on May 12 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 $0.25.
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