Ripple (XRP) Recovers but Is Unable to Surpass $0.37 High

Ripple (XRP) Long-Term Analysis: Bearish
Ripple (XRP) price is still declining after an upward correction as is unable to surpass $0.37 high. On December 26, XRP rallied to a high of $0.37, but was halted. The bullish momentum could not be maintained as the cryptocurrency asset entered an overbought market region. XRP is repelled at the 21-day line SMA on the daily chart. If the bullish momentum breaks above the moving average lines, XRP will rally above the $0.40 resistance. Since November 9, XRP has been fluctuating between $0.32 and $0.40. Meanwhile, XRP is falling as it encounters resistance at the moving average lines. On the downside, the altcoin will return to its previous lows of $0.34 or $0.31.

Ripple (XRP) Indicator Analysis
Ripple is at Relative Strength Index level 46 for period 14. Despite the upward correction, the altcoin remains in a bearish trend zone. The price will keep dropping because the price bars are currently below the moving average lines. On the 4-hour chart, XRP is in a bearish trend because it is below the daily Stochastic level of 80. This indicates that the market will fall to its previous low.

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)?
The price of XRP is falling to its previous low as is unable to surpass $0.37 high. The market has reached an overbought level, restraining the current upward movement. XRP may retrace above the moving average lines or the $0.35 support on the 4-hour chart. After the retracement, the market will resume its range-bound movement.

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