Ripple Is In A Bearish Double Top And Can Fall To $0.34

Jan 17, 2023 at 10:26 // Price
Coin Idol
The price of Ripple has retested the barrier with a bearish double top pattern

The price of Ripple (XRP) has risen to a high of $0.40, still within the bullish trend zone.

Long-term forecast for the Ripple price: bullish

The resistance of $0.40 was tested twice by the XRP price. The price of Ripple declined as it continued to consolidate below the barrier. In the previous price action in November and December, XRP dropped below the moving average lines after failing to break the barrier level. Moreover, the market is overbought for XRP where it is trading now. On the plus side, additional gains are unlikely as the price action indicates doji candlesticks. The cryptocurrency asset will lose value on the downside as it is rejected at the recent high. The price of the altcoin will oscillate between $0.31 and $0.40.

Ripple indicator analysis

The relative strength index of XRP is 62 for the period 14. As the altcoin fluctuates below the barrier, the price of XRP is stable. As long as the price bars are above the moving average lines, Ripple will rise. A bearish momentum is seen for the altcoin below the daily stochastic level of 30. The horizontal slope of the moving average lines indicates a movement within the trading range. 

XRPUSD(Daily Chart) - January 17.23.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?

The price of Ripple (XRP) has retested the barrier with a bearish double top pattern. This means that the altcoin will continue to lose value. On January 16, the downtrend was reversed to the upside and the candlestick tested the 50% Fibonacci retracement line. After the correction, XRP will fall to the Fibonacci extension level of $2.0 and $0.34, respectively.

XRPUSD( 4 Hour Chart) - January 17.23.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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