Ripple bulls have turned down after retesting the $0.48 resistance level. For the past three days, the bulls have been retesting the resistance level to break it. Consequently, XRP slumped to a low of $0.45.
The price corrected upward but was further repelled as the market reached a low of $0.44. Buyers are pushing XRP above the $0.45 support. If buyers are successful above the recent support, the upward move will resume retesting the $0.48 high. However, if XRP faced rejection at the $0.45 high, the price will further decline to $0.43 low.
The price has fallen to level 48 of the Relative Strength Index period 14. It is below the centerline 50 and is capable of further decline. The daily stochastic has indicated that the altcoin has fallen to the oversold region of the market. It is above the 20% range of the daily stochastic. Buyers are expected to emerge to push prices upward.
Major Resistance Levels – $0.65 and $0.75
Major Support Levels – $0.35 and $0.30
Ripple is in a downward move. The altcoin will further decline if the $0.45 support is breached. On March 10 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ripple will fall to level 1.618 Fibonacci extension or the low of $0.433. Nonetheless, today XRP has fallen to the low of $0.438 and pulled back. Perhaps the upward move will resume.
Disclaimer. This analysis and forecast are the personal opinions of the author 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.