Ripple Resumes Selling Pressure as the Market Declines Above $0.30
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Ripple (XRP) Long-Term Analysis: Bearish
Ripple’s (XRP) price is in a downtrend as the market declines above $0.30. The bears broke below the current support at $0.38 to reach the current low. In the previous price action, the selling pressure was caused by buyers’ inability to keep the price above the 21-day line SMA. Buyers were resisted as they attempted to breach the 21-day line SMA on May 30 and June 7. The bears have broken below the previous low at $0.33 as XRP declined to the low of $0.30.For the past 48 hours, XRP has been holding above the $0.30 support. The cryptocurrency has also fallen to the oversold region of the market. XRP will resume consolidation if the current support holds.
Ripple (XRP) Indicator Analysis
XRP has fallen to level 24 of the Relative Strength Index for period 14. It indicates that the market has reached bearish exhaustion. The selling pressure is likely to subside as buyers emerge in the oversold region. XRP’s price bars are below the moving averages indicating a further decline. XRP is below the 20% range of the daily stochastic. The daily stochastic indicates that XRP is in the oversold region of the market.
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 fresh decline as the market declines above $0.30. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that XRP will fall to level 1.272 Fibonacci extension or $0.25. From the price action, XRP has fallen to the low of $0.31.
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