Ripple (XRP) is in a downtrend as sellers broke through $0.41 support. The altcoin fell to a low of $0.31. Due to the current decline, XRP has entered the oversold zone. It can be assumed that XRP will soon resume an uptrend if there are buyers in the oversold area.
The August 28 price level has served as current support in the past. Prior to the September price rally, the existing support held for two weeks. Today, the bulls bought the dips, causing XRP to fall to a low of $0.3148. Although the altcoin corrected upwards, the high of $0.37 proves to be a barrier. If buyers bring the price above the 21-day line SMA or the high at $0.41, the market could rise to its previous highs.
Ripple is at level 34 of the Relative Strength Index for period 14, indicating that XRP is declining and could continue to do so. The daily stochastic value of 20 is below XRP. The current downward movement of XRP has reached the oversold area. Buyers are predicted to arrive at the oversold area and take control of prices.
Major Resistance Levels - $0.80 and $1.00
Major Support Levels - $0.40 and $0.20
On November 8, the XRP/USD price fell to an oversold level of $0.42. The downtrend has reached its peak. On October 20, XRP reversed its downtrend and tested the 61.8% Fibonacci retracement level with a candle body. The correction predicts that XRP will fall below $0.35 or the 1.618 Fibonacci extension level. According to the price movement, XRP fell to a low of $0.3148 before starting to rise again.
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.