Ripple Falls as Bears Intend to Revisit the Previous Low at $0.85
On November 26, the price of Ripple (XRP) fell to a low of $0.90 as the bulls bought the dips. Over the past four days, Ripple has shown signs of recovery as buyers have pushed the altcoin to previous highs.
Today, the uptrend is encountering resistance at the $1.01 high. Given the rejection of the recent high, bears are eager to push the cryptocurrency to the low of $0.85. XRP/USD has already hit the previous low on September 21. However, if the bears break the support at $0.85, XRP will find further support at the low of $0.70. As a result, the cryptocurrency will fall into a deeper correction.
Ripple indicator analysis
Ripple has fallen to level 39 on the Relative Strength Index for the 14 period. The altcoin is below the 50 midline and is capable of further downside. XRP/USD is in a bullish momentum as the price is above the 25% area of the daily stochastic. However, as it faces rejection at $1.01, the market will resume a bearish momentum.
Major Resistance Levels – $1.95 and $2.0
Major Support Levels – $0.80 and $0.60
What is the next move for Ripple?
Ripple is in a downtrend. Selling pressure will resume if the price falls below the current support at $0.90. Meanwhile, the downtrend from November 18 has shown a candle body testing the 78.6% Fibonacci retracement level. The retracement suggests that the XRP price will fall but reverse at the 1.272 Fibonacci extension level or $0.92.
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.
Source: Read Full Article