Ripple Loses $1.07 Support as Bears Overwhelm Bulls

May 28, 2021 at 11:41 // News
Coin Idol
The $1.40 is a crucial support for XRP

For the past four days, buyers have been struggling to sustain the bullish momentum above the $1.00 support. This will propel XRP to rise and reclaim the $1.40 support.

The $1.40 is a crucial support for XRP as the market tends to resume upside momentum above it. When buyers are successful above the crucial support, XRP will be out of the downward correction. Ripple is capable of rising on the upside. However, Buyers have lost the $1.00 support. 

The bulls were rejected at the $1.00 high after several unsuccessful attempts to break the resistance. In the previous price action, XRP will fall to $0.90 low each time it faces rejection from the recent high. Nonetheless, the downtrend is confirmed as the price breaks below the $0.90 support. On the downside, if the selling pressure persists, the market will decline to $0.65 low. Today, XRP is trading at $0.84 at the time of writing.       

Ripple indicator analysis

XRP is below the 40% range of the daily stochastic. It indicates that the market is in the bearish trend zone. Ripple price is below the moving averages which suggest that the altcoin is capable of falling on the downside. The Relative Strength Index has confirmed that XRP is in the downtrend zone at level 39. 

XRP - COINIDOL (1).png

Technical indicators:  

Major Resistance Levels – $1.95 and $2.0

Major Support Levels – $0.60 and $0.55

What is the next move for Ripple?

The altcoin is in a downward move as it faces rejection from the recent high. The current fall may tally with Fibonacci tool estimation. On May 19 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ripple is likely to fall to level 1.618 Fibonacci extension or the low of $0.28.  

XRP - COINIDOL 2 chart.png

Disclaimer. This analysis and forecast are the author’s personal opinions 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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