Ripple May Resume a Downtrend as It Reaches the Breakout Level of $0.41

The price of Ripple (XRP) has fallen to a low of $0.44 at the time of writing. The cryptocurrency has declined since the recent high of $0.54.

The cryptocurrency price has crossed below the 21-day line SMA and has dropped to the 50-day line SMA. When the range limits are crossed, XRP will start moving again. For example, XRP will fall to its low of $0.38 if the bears break the 50-day line SMA. It is unlikely that XRP will find support above the 50-day line SMA. The downtrend could reverse if XRP finds support above the 50-day line SMA.

Ripple indicator analysis

The Relative Strength Index for the 14 period shows that Ripple has declined to level 44. As long as the price bars remain between the moving average lines, Ripple could continue its movement within the trading range. XRP is in a bearish momentum below the 40% area of the daily stochastic. Meanwhile, the bullish momentum is sloping upwards, indicating an uptrend.

Technical indicators:  

Major Resistance Levels – $0.80 and $1.00

Major Support Levels – $0.40 and $0.20

What is the next move for Ripple?

Ripple (XRP) has continued to fall to the previous low. On October 20, XRP corrected to the upside and a candlestick tested the 50% Fibonacci retracement level. The correction implies that XRP will fall to the 2.0 Fibonacci Extension level or $0.34.

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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