Ripple Trades between $0.33 and $0.35 as It May Revisit the $0.30 Low

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Ripple (XRP) Long-Term Analysis: Bearish
On August 19, Ripple’s (XRP) price is in a downtrend as it may revisit the $0.30 low. For the past week, the price action was characterized by small body indecisive candlesticks called Doji and Spinning tops. The price movement has been insignificant. The upward move has been repelled  at $0.34 high. XRP has resumed a fresh downtrend as the market revisits the previous lows. On the downside, if the cryptocurrency declines it will find support above the $0.30 support. In other words, XRP will be trading between $0.30 and $0.39 price levels for a few days.

Ripple (XRP) Indicator Analysis
Ripple is at level 41 of the Relative Strength Index for period 14. XRP is in the downtrend zone despite the recent upward move. The price bars are still below the moving average lines which causes the altcoin to decline. Ripple is below the 40% range of the daily stochastic. XRP is in bearish momentum.

Technical indicators:
Major Resistance Levels – $0.80, $1.00, $1.20
Major Support Levels – $0.60, $0.40, $0.20


What Is the Next Direction for Ripple (XRP)?
Ripple’s downward move has subsided  as it may revisit the $0.30 low. Meanwhile, on a weekly chart, a retraced candle body tested the 78.6% Fibonacci retracement level on March 28. The retracement suggests that the XRP price will fall to level 1.272 Fibonacci extension level or $0.33. From the price action, XRP is hovering above the $0.33 support as bears threaten to short.

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