Ripple Revisits the $0.33 Support as It Faces Rejection at $0.47
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Ripple (XRP) Long-Term Analysis: Bearish
On May 12, Ripple’s (XRP) price is in a downtrend as it fell to $0.33 low but faces rejection at $0.47. For the past week, XRP has been consolidating above the $0.38 support. On the upside, the upward move has been hampered because of the resistance at $0.47.The resistance at $0.47 is the previous support of the May 10 price slump. The market would have risen to $0.65 if the resistance is broken. Ripple is falling and in a sideways move because of the rejection from the previous high. XRP/USD will decline and revisit the previous low at $0.33.The downtrend will resume if the $0.33 support is breached.
Ripple (XRP) Indicator Analysis
Ripple is at level 32 of the Relative Strength Index for period 14. The altcoin is facing rejection at the recent high. The altcoin is above the 25% range of the daily stochastic. The coin is in a bullish momentum. Meanwhile, the 21-day line and the 50-day line SMAs 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 is likely to resume selling pressure as it faces rejection at $0.47. The altcoin is falling and approaching the previous low at $0.33. 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 2.0 Fibonacci extensions or $0.28. From the price action, XRP is declining and approaching the previous low at $0.33.
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