Ripple Turns Down From The Overhead Resistance As It Targets $0.41 Low
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Ripple (XRP) Long-Term Analysis: Bullish
Ripple’s (XRP) price is in a downtrend as it targets $0.41 low. Since September 23, buyers have been challenging the resistance at $0.55. XRP price has retraced below the 21-day line SMA indicating a further decline. XRP is likely to decline to the breakout level of $0.41. The altcoin will be compelled to a range-bound move if the price trades between the moving average lines. Nonetheless, XRP will revisit the previous low of $0.30, if price breaks below the moving average lines.
Ripple (XRP) Indicator Analysis
There is a balance between supply and demand as XRP reaches level 50 of the Relative Strength Index for period 14. The market may resume a range-bound move as price is between the moving average lines. The uptrend will be terminated if price breaks below the moving average lines. The coin is trading below the 20% range of the daily Stochastic. It implies that the downtrend is reaching bearish exhaustion.
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)?
On the 4-hour chart, XRP is in a downtrend as it targets $0.41 low’. On October 11 downtrend, XRP made an upward correction and a candle body tested the 78.6% Fibonacci retracement level. The correction implies that XRP will fall to level 1.272 Fibonacci extension or $0.45.
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