Ripple Holds above $0.38 as Bulls and Bears Are Unable To Reach an Agreement
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Free Crypto Signals Channel
Free Telegram Channel
Ripple (XRP) Long-Term Analysis: Bearish
Ripple’s (XRP) price is in a downward correction as buyers and sellers are unable to reach an agreement. The price action is characterized by small body candlesticks called Doji and Spinning Tops. These candlesticks are responsible for the current range-bound move. On the upside, the upward move is doubtful. It is hindered by the 21-day line SMA. A price rebound will break the 21-day line SMA and the resistance at $0.46. This will propel XRP to rally above the 50-day line SMA. The bulls are presently defending the $0.38 support. The market may decline to the previous low at $0.33 if the bears break below the $0.38 support.
Ripple (XRP) Indicator Analysis
Ripple is at level 38 of the Relative Strength Index for period 14. XRP is trading in the downtrend zone as XRP approaches the oversold region. The crypto’s price is below the moving averages indicating a further decline. XRP is below the 40% range of the daily stochastic. The market is in a bearish momentum.
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 is consolidating above the $0.38 support as buyers and sellers unable to reach an agreement. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that XRP will fall to level 1.272 Fibonacci extension or $0.25.
You can purchase crypto coins here. Buy LBlock
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
