Ripple (XRP) Is Unable to Sustain Above $1.34, resumes downtrend
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Ripple (XRP) Long-Term Analysis: Bullish
Ripple’s (XRP) price traded and reached the high of $1.34. Today, the altcoin has been in a downward move as price reached the low of $1.15. Further downsides are expected as sellers emerge in the overbought region. Ripple has been in an overbought condition since August 11. Ripple price has been retesting the $1.15 support to break it. The selling pressure is expected to reach a low of $1.0. The current downtrend may subside above the $1.02 support. The uptrend will resume if the support at $1.02 holds. Ripple will rise as price retest or break the $1.34 resistance level. However, if the $1.02 support fails to hold, the selling pressure will resume. Meanwhile, XRP has fallen to $1.13 at the time of writing.
Ripple (XRP) Indicator Analysis
Ripple has fallen to level 68 of the Relative Strength Index period 14. It indicates that XRP is still in the overbought region. XRP has not enough room to rally on the upside. Ripple is below the 20% range of the daily stochastic. It indicates that the altcoin has fallen into the oversold region of the market. The selling pressure is reaching bearish exhaustion as the market reached the oversold region.
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 falling as the market faces rejection from the overbought region. Sellers intend to push the altcoin to the previous low at $1.0. Meanwhile, on August 15 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Ripple is likely to rise to level 2.618 Fibonacci extension or level $1.02.
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