Ripple Holds above $0.36 Support as It Revisits Initial Resistance at $0.38

Ripple (XRP) Long-Term Analysis: Bearish
The price of Ripple (XRP) is currently in a bearish trend zone as it revisits its initial resistance at $0.38. The value of the coin fell beyond the $0.3566 support level. The altcoin is rising again today, reaching a high of $0.3665. Nonetheless, XRP has been trading above the present support since January 18. The bulls have been defending the existing support on the downside. Bulls will purchase the dips each time the present support is violated. On the downside, strong buying pressure at lower price levels is indicated by the lengthy candlestick tails above the current support. On the plus side, XRP will increase above the moving average lines or, if it rises above the current support, hit a high of $0.40.

Ripple (XRP) Indicator Analysis
The Relative Strength Index for period 14 has the cryptocurrency asset at level 39. This suggests that the altcoin may experience a decline. The moving average line is below the price of the cryptocurrency, which opens the door for a decline. Currently, the daily Stochastic is below 40, signaling a bearish momentum for the market. The coin has room to fall even lower.

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 is in a bearish trend zone as it revisits initial resistance at $0.38. During the fall that began on March 14, Ripple experienced an upward corrective, and a candle body tested the 61.8% Fibonacci retracement level, or $0.3572. Based on price movement, the altcoin is reaching the Fibonacci extension for the third time.

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