Ripple Upward Correction Faces Rejection, May Revisit $0.65 Low
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Ripple (XRP) Long-Term Analysis: Bearish
Ripple’s (XRP) price has fallen below the moving averages but may revisit $0.65 low. Ripple fell to $0.66 low and resumed consolidation above it. The selling pressure is likely to hold because the $0.68 is the previous support level. XRP has resumed upward as bulls bought the dips. However, if the bears break below the $0.68 support, the cryptocurrency is likely to further decline to the low of $0.60. In the meantime, XRP/USD is trading at $0.72 as of press time.
Ripple (XRP) Indicator Analysis
XRP’s price is below the moving averages indicating that the altcoin is capable of a further downward move. Ripple has fallen to level 46 of the Relative Strength Index for period 14. The altcoin is still in the downtrend zone and below the centerline 50. XRP is above 40% area of the daily stochastic. The market has resumed 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 has fallen to the low of $0.66 but may revisit $0.65 low. XRP has regained bullish momentum as the market resumed its upward move. The uptrend will face resistance at the high of $0.75. A break above it will catapult the altcoin to retest the $0.90 high.
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