Ripple (XRP) Resumes Selling Pressure as Bears Break the $0.65 Support
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Ripple (XRP) Long-Term Analysis: Bearish
Ripple’s (XRP) price has resumed selling pressure as price breaks below the previous low at $0.65. On May 23, Ripple attained the $0.65 low when it fell to the previous low. The bulls bought the dips as the market resumes upward. The upward move was short-lived as XRP was repelled at the $1.10 resistance. The crypto fell and resumed a range-bound move between $0.80 and $1.10. On June 18, the bears broke the $0.80 support and resumed a downward move.
Ripple (XRP) Indicator Analysis
XRP is at level 27 of the Relative Strength Index period 14. Ripple has fallen into the oversold region of the market. It indicates that the selling pressure is reaching bearish exhaustion. Ripple price bars are still below the 21-day and the 50-day SMAs which suggests that the market will continue its downward move. 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 a renewed selling pressure as the downtrend resumes. On the 4 hour chart, XRP is in a downtrend as the market declines to $0.82 low on May 19. Meanwhile, on May 19 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ripple is likely to fall to level 1.618 Fibonacci extension or level $0.28.
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