Ripple (XRP) Hovers Above $0.58 Support, Poises to Resume Selling Pressure

Ripple (XRP) Long-Term Analysis: Bearish
For the past week, XRP has been fluctuating above the $0.60 support. The upward correction has been terminated at the $0.70 high. Buyers could not sustain the bullish momentum above the $0.70 high. XRP fell to the support above $0.60 and resumed consolidation. However, the downward move is likely to continue on the downsides. Meanwhile, on May 18 downtrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement indicates that Ripple will further decline to level 1.618 Fibonacci extension or level $0.31.

Ripple (XRP) Indicator Analysis
Ripple is at level 39 of the Relative Strength Index period 14. Ripple is still in the downtrend zone and below the centerline 50. XRP is below the 20% range of the daily stochastic. The market has reached the oversold region. The 21-day and the 50-day SMAs are sloping downward 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 has resumed downward move as price breaks below the moving averages. Meanwhile, on June 30 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ripple is likely to fall to level 2.0 Fibonacci extension or level $0.59. From the price action, XRP has tested the 2.0 Fibonacci extension or level $0.59 on July 9. The crypto has pulled back to resume consolidation above the current support.

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