Ripple Reaches the $0.31 Low as Sellers Target the Low of $0.20
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Ripple (XRP) Long-Term Analysis: Bearish
Ripple (XRP) is currently consolidating above the $0.33 support as sellers target the low of $0.20. Below the $0.35 high, the upward movement is constrained. Prior price movement shows that the price of XRP fluctuates between $0.31 and $0.40. Yesterday, XRP was driven down by sellers to a low of $0.33 before the altcoin started to rise again. The brief upward move has been repelled as sellers push the coin to the previous low at $0.31. The current support level of $0.31 has not been breached since June 2022. Additionally, the market’s oversold region has been reached by the current decline. It’s likely that buyers will show up to drive prices up. On the plus side, XRP will regain bullish momentum if the price breaks above the moving average lines. Otherwise, the movement will stay within the range.
Ripple (XRP) Indicator Analysis
Ripple is currently trading at level 34 of the Relative Strength Index for period 14. As a result of the recent correction, selling pressure has subsided. The price bars are currently below the moving average lines, indicating that a fall is possible. XRP is below level 20 of the daily Stochastic. Ripple has reached the oversold zone, signaling the end of the bearish 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)?
Ripple (XRP) is trading near the bottom of the chart as sellers target the low of $0.20. Since November 9, the bears have been attempting to break the current support for the third time. If the current support holds, the upward trend will resume. If the bears breach the current support, the altcoin will fall to a low of $0.20.
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