Ripple Makes an Upward Correction as Bulls Fail To Sustain Above $0.80
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Ripple (XRP) Long-Term Analysis: Bearish
Ripple’s (XRP) price is in a downward correction as bulls fail to sustain above $0.80. The upward correction is facing rejection at the recent high. The bulls could not sustain the bullish momentum above the $0.80 resistance level. The daily stochastic has indicated that the market is overbought in that region. Because of that XRP may decline to the previous low at $0.75.On the downside, if the bears break below the $0.75 support, the market will further decline to the lows of $0.67 or $0.62 price levels. However, if the $0.75 support holds, XRP will be compelled to a range-bound move between the $0.75 and $0.80 price levels.
Ripple (XRP) Indicator Analysis
XRP price bars are below the moving averages indicating a possible downward move of the cryptocurrency. Also, XRP is at level 48 of the Relative Strength Index for period 14. It indicates that the altcoin is in the downtrend zone and below the centerline 50. XRP is approaching the 80% range of the daily stochastic. The altcoin is in a bullish 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)?
XRP/USD is in a downward correction as bulls fail to sustain above $0.80. The selling pressure is likely to resume as it faces rejection at the recent high. Meanwhile, on March 31 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that XRP will fall to level 2.0 Fibonacci extension or $0.67.
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