Ripple Consolidates Above $0.68 as It Reaches Bearish Exhaustion
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Ripple (XRP) Long-Term Analysis: Bearish
Ripple’s (XRP) price is in a downward correction as it reaches bearish exhaustion. Since April 11, the cryptocurrency is making an upward correction. A further downward move is unlikely as the altcoin falls to the oversold region of the market. Besides, the current price level is the historical price level of February 2022. In the previous price action, the altcoin rallied to the high of $0.90. Today, XRP is making an upward correction as the market reaches the high of $0.71. On the upside, if XRP price rebounds above the current support, it will rally to the next resistance at the $0.80 price level.
Ripple (XRP) Indicator Analysis
The altcoin has fallen to level 38 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone and below the centerline 50. Also, Ripple has fallen below the 20% range of the daily stochastic. It indicates that the selling pressure has reached bearish exhaustion. Buyers will emerge in the oversold region of the market. The crypto’s price is below the moving averages indicating a further downward movement of the cryptocurrency.
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)?
XRP/USD is making an downward correction as it reaches bearish exhaustion. Meanwhile, on March 31 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that XRP will fall to level 1.618 Fibonacci extension or $0.70.
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