Today, the price of Ripple (XRP) fell to the low of $0.30. The current decline was a result of the rejection of the high at $0.38. The bulls failed to break the 50-day line SMA after breaking the 21-day line SMA, hence the downtrend.
Since June 13, the bears have retested support at $0.30 four times, but have been unable to break it. If the bears break $0.30 support, the market will fall to a low of $0.25.
However, if the bears fail to break the $0.30 support, XRP/USD will fluctuate between $0.30 and $0.38. Meanwhile, the cryptocurrency is trading at $0.31 at the time of writing.
Ripple indicator analysis
Ripple has fallen to the 38 level of the Relative Strength Index for the 14 period. The cryptocurrency is in downtrend territory as buyers emerge from oversold territory. XRP is below the 40% area of the daily stochastic. The cryptocurrency is in bearish momentum. Ripple has fallen after its rejection of the high at $0.38. The cryptocurrency’s price bars are below the moving averages, indicating a further decline.
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 has retreated to $0.30 support, but the bulls have consistently defended the current support. However, Ripple will continue to fall if the bears break the $0.30 support. From the price action, the $0.30 support has held up as XRP moved back up.
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