Ripple (XRP) Slides as It Targets a Low of $0.36
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Ripple (XRP) Long-Term Analysis: Bullish
Ripple (XRP) faces resistance at $0.42 as it targets a low of $0.36. The altcoin has been oscillating below the resistance level since January 23, thereby terminating the recent rally. On February 5, the price broke below the 21-day line SMA but was still above the 50-day line SMA, resuming the selling pressure. The current slide, nevertheless, can go all the way to the low of $0.36. In other words, XRP will decrease to its low of $0.36 or below the 50-day SMA. If XRP dips and finds support above the 50-day SMA, the moving average line may see a sideways movement.
Ripple (XRP) Indicator Analysis
XRP reached level 50 on the Relative Strength Index for period 14. As supply and demand balance, the price of XRP has reached equilibrium. The fact that the price bars are positioned between the moving average line suggests that XRP may start to trade sideways. Ripple has dropped below the daily Stochastic threshold of 20. The coin has slipped into the oversold area of the market.
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 downtrend as it targets a low of $0.36.The drop has hit a low of $0.39 and could continue to $0.36 or $0.34. According to the price indications, XRP has hit bearish fatigue. The oversold area of the market for the altcoin has been reached.
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