XRP Reaches Bearish Fatigue as It Remains above $0.61
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XRP (XRP) Long-Term Analysis: Bearish
XRP (XRP) price has entered the bearish trend zone as it remains above $0.61. The coin is trading above the 50-day simple moving average but below the 21-day simple moving average. Following the current fall, XRP has become caught between the moving average lines.
If the 50-day SMA support holds, the cryptocurrency will resume its sideways trend. On the downside, the altcoin fell to a low of $0.61 and then recovered. Prices have achieved bearish exhaustion as the market has been oversold. On the plus side, XRP will rise if the present support level of $0.61 holds.
Technical Indicators
Major Resistance Levels – $1.00, $1.50, $2.00
Major Support Levels – $0.50, $0.30, $0.10
XRP(XRP) Indicator Analysis
The cryptocurrency has dropped to Relative Strength Index level 42 for period 14. XRP is in a bearish trend zone and may continue to fall. According to the tool analysis, the altcoin is below level 20 of the daily Stochastic. The crypto asset is trading in the market’s oversold zone.
What Is the Next Direction for XRP(XRP)?
XRP has been falling since July 14 as it remains above $0.61. On July 25’s downward trend, XRP made an upward correction, and a retraced candle body tested the 78.6% Fibonacci retracement line. Due to the correction, the coin will drop to the $0.63 level of the 1.272 Fibonacci extension before turning around.
The price movement has caused the market to retest the $0.63 level and start consolidating once more.
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