Ripple Loses the $0.50 Psychological Price Level and it Declines to $0.39
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Ripple (XRP) Long-Term Analysis: Bearish
Today, Ripple’s (XRP) price was holding above the $0.50 psychological price level but it declines to $0.39 low. Buyers failed to hold above the $0.50 support. The cryptocurrency would have reclaimed the $0.56 and $0.68 resistance levels. A break above the resistance levels would catapult the altcoin above the $0.80 high. However, losing the $0.50 psychological price level has given the bears the advantage to resume the downtrend. Today, XRP has fallen to $0.39 low but pulled back above $0.42. The altcoin has fallen to an oversold region and the selling pressure is likely to subside.
Ripple (XRP) Indicator Analysis
Ripple has risen to level 23 of the Relative Strength Index for period 14. The altcoin has fallen to the oversold region of the market. Buyers will emerge to take control of prices. The daily stochastic is below the 20% range. It indicates that the selling pressure will subside. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend.
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’s downward move has continued to the downside as it declines to $0.39 low. The price indicator analysis has been invalidated by the price action as sellers broke below the $0.50 support. Now the selling pressure is likely to subside. The bulls failed to continue the upward correction after pulling above the $0.50 support.
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