Ripple Is in a Narrow Range as It Declines to the $0.35 Low
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Ripple (XRP) Long-Term Analysis: Bearish
Ripple’s (XRP) price is in a sideways move below the moving average lines as it declines to the $0.35 low. Since October 20, the cryptocurrency has been stuck between the moving average lines. The selling pressure could increase if the price drops below the 50-day SMA. The altcoin is currently correcting upward to retest the moving average lines. If XRP declines from the moving average lines, the selling pressure will pick up again. If the bears’ breach is below the $0.41 support, XRP will decline to a low of $0.35. In a similar vein, if buyers keep the price above the 21-day line SMA, the market will increase to its prior high of $0.54.
Ripple (XRP) Indicator Analysis
In period 14 of the Relative Strength Index, Ripple is at level 47. It suggests that XRP is in a downtrend and could continue to decrease. XRP is below the daily Stochastic’s 40% range. The momentum of the coin is bearish. The upward-sloping moving average lines show the prior trend.
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)?
Following its rejection at $0.54 or the high $0.48, Ripple declines to the $0.35 low. XRP had an upward corrective during the October 20 decline, and a candle body tested the 61.8% Fibonacci retracement level. According to the correction, XRP will drop to $0.35, or level 1.618 of the Fibonacci extension.
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