Ripple Price Reaches Bearish Exhaustion And Holds Above $0.37

Feb 10, 2023 at 12:47 // Price
Coin Idol
Bearish fatigue has returned and selling pressure has increased

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.

XRPUSD(Daily Chart) - February 10.23.jpg

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.

XRPUSD(4 Hour Chart) - February 10.23.jpg

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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