Ripple Price Reaches Bearish Exhaustion And Holds Above $0.37

The price of Ripple (XRP) has come under renewed selling pressure, reaching a low of $0.37.

Long-term forecast for the Ripple price: bullish

In other words, the cryptocurrency value is above the 50-day line SMA, but between the moving average lines. The moving average lines have held the cryptocurrency price hostage. On the downside, the market will fall even further and reach a low of $0.34 if the bears break below the 50-day line SMA. On the other hand, XRP will continue to range if the moving average lines remain intact for a few days. At the time of writing, the price of XRP is at $0.38 in the meantime.

Ripple indicator analysis

On the Relative Strength Index for period 14, XRP is at level 44. The altcoin is currently in a bearish trend zone and could fall further. The movement is within a certain range as the price bars are between the moving average lines. Bearish momentum can be seen in Ripple below the daily stochastic level of 50.

Technical indicators:

Key resistance levels – $0.80 and $1.00

Key support levels – $0.40 and $0.20

What is the next move for Ripple?

Ripple is already moving in a bearish direction. The altcoin has fallen back to a low of $0.37. Bearish fatigue has returned and selling pressure has increased. If the $0.37 threshold is held, the XRP rise will resume. Bullish candlesticks show that the price of Ripple is rising.

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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• Source: https://coinidol.com/ripple-bearish-exhaustion/