Ripple (XRP) Pauses above $0.80 Support, Unable To Sustain Above $1.00 High
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Ripple (XRP) Long-Term Analysis: Bearish
Ripple’s (XRP) price is in a downward correction but unable to sustain above $1.00 high. Since December 29 price slump, Ripple fell to $0.80 support and resumed consolidation above the current support. The upward move is restricted below the $0.85 high. The recent decline on December 29 was caused by buyers’ failure to break above the $1.00 overhead resistance. The $1.00 resistance has been strong in recent price action. A break above the resistance will end the current downward correction. It will signal the resumption of upside momentum.
Ripple (XRP) Indicator Analysis
XRP price bars are below the moving averages which indicate a further downward move. Ripple has fallen to level 42 of the Relative Strength Index period 14. It indicates that XRP is in the downtrend zone and capable of a further downward move. Ripple has fallen below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region of the market. Selling pressure is likely to subside.
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 price is fluctuating in a tight range between $0.80 and $0.85 but unable to sustain above $1.00 high. The current downtrend has subsided above the $0.80 support. Ripple will resume an uptrend if buyers push the altcoin above the moving averages and the bullish momentum is sustained.
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