Ripple (XRP) Faces Strong Rejection as It Holds Above $0.33

Ripple (XRP) Long-Term Analysis: Bearish
Ripple (XRP) price has been slowly declining as it holds above $0.33. The cryptocurrency asset’s previous price movement saw it range-bound between $0.31 and $0.40 price levels. The upward movement has been impeded by the moving average lines ever since the price crash on December 19. The price has only moved a small amount right now, between $0.31 and $0.37. As it approaches the current support level of $0.31, XRP has dropped to a low today of $0.33. However, the altcoin will further fall to a low of $0.19 if sellers break through the $0.31 support. On the other hand, if it maintains above the existing support, the asset’s upward movement will restart. The market will increase and retest its $0.40 high.

Ripple (XRP) Indicator Analysis
XRP has fallen to level 38 on the Relative Strength Index level for period 14. The altcoin is in a declining area and may drop further. The decline will keep going as long as the price bars are below the moving average lines. The altcoin is in a bearish momentum under level 25 of the daily Stochastic indicator.

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)?
The selling pressure on Ripple (XRP) has returned as it holds above $0.33. Additionally, as the cryptocurrency fell, the upward movements were constrained by the moving average lines. During the downward correction on November 9, XRP tested the 61.8% Fibonacci retracement level with a candle body. According to the correction, XRP will drop below the $0.19 level of the 1.618 Fibonacci extension.


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