Ripple Is Stuck in a Range as Sellers Retrace Steps to the $0.34 Low
The price of Ripple (XRP) is in a downtrend, but fluctuating between $0.42 and $0.48 price levels. Selling pressure could resume if sellers break the $0.42 support or the 50-day line SMA.
At the time of writing, Ripple has reached a low of $0.45. The cryptocurrency has declined since its recent high of $0.54. The cryptocurrency value has been fluctuating between the moving average lines since October 20. Once the range boundaries are crossed, XRP will develop a trend. For example, XRP will fall to its low of $0.38 if the bears pass the 50-day line SMA. Currently, XRP has found temporary support above the 50-day line SMA. On the other hand, the downtrend may continue if XRP finds support above the 50-day line SMA.
Ripple indicator analysis
According to period 14 of the Relative Strength Index, Ripple is at level 49, which indicates that supply and demand are in balance. Depending on how long the price bars remain between the moving average lines, Ripple could re-enter a trading range. Below the 50% range of the daily stochastic, XRP has negative momentum.
Major Resistance Levels – $0.80 and $1.00
Major Support Levels – $0.40 and $0.20
What is the next move for Ripple?
The price of Ripple (XRP) has consistently moved in and out of moving average lines. After a pullback to the downside, the candlestick of XRP tested the 50% Fibonacci retracement level on October 20. After the correction, XRP will fall to the 2.0 Fibonacci extension level or $0.35.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing.
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