The price of Ripple (XRP) fell again as buyers failed to keep the price above the 50-day line SMA and resistance at $0.40.
Today, XRP fell to a low of $0.35 before recovering. The Nov. 20 price level was $0.35, which served as support. On November 20, buyers held the altcoin above the 21-day line SMA while preventing it from breaching the 50-day line SMA. The recent decline is due to the buyers' inability to maintain positive momentum. If the current support at $0.35 is breached, the downside target for XRP is $0.31, but as long as the existing support remains in place, the price will continue to move in a narrow range.
The Relative Strength Index for period 14 shows that Ripple is currently trading at level 38 in the downtrend area. The recent rejection has led to selling pressure. The price bars, which are currently below the moving average lines, indicate a possible decline. The Ripple Daily Stochastic is moving downwards and is below level 25, and the oversold area of the market is getting closer to the cryptocurrency.
Key resistance levels - $0.80 and $1.00
Key support levels - $0.40 and $0.20
As the price of Ripple (XRP) falls below the moving average lines, it is bearish. The altcoin will first fall to its previous low of $0.31 if selling pressure picks up once again. However, the cryptocurrency's value will fall to a low of $0.19 if the $0.31 support level is breached.
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