Ripple Price Holds Above $0.39 And May Continue To Fall Below It

Feb 07, 2023 at 13:15 // Price
Coin Idol
The price of Ripple has fallen into the bearish trend zone

The price of Ripple (XRP) is falling due to the resistance at $0.42. The price of the asset has fallen into the bearish trend zone.

Long-term forecast for the Ripple price: bullish

The altcoin reached a low of $0.39 before it started to rise. After a recent decline, the altcoin is now trading between the moving average lines. It follows that XRP will continue to fall and reach a low of $0.37. However, the altcoin will oscillate between the moving average lines. If the price falls below the 50-day line SMA, the downtrend will resume. As a result, XRP will fall to a low of $0.34. If the price rises above the 21-day moving average line, XRP will resume its uptrend. At this point, XRP will trade at $0.3950.

Ripple indicator analysis

On the Relative Strength Index for the period 14, XRP has reached the value 49. The supply and demand of cryptocurrencies have balanced out, keeping the market in equilibrium. As long as the price bars are between the moving average lines, Ripple could start a movement within a range. XRP has dipped below the 20 level of the daily stochastic into oversold territory. There is no more selling pressure. 

XRPUSD(Daily Chart) - February 7.23.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?

With Ripple reaching the low of $0.39, it is experiencing bearish momentum. If the current support is violated, the altcoin will fall. XRP had an upward correction during the Feb. 6 decline, and a candlestick tested the 61.8% Fib retracement level. The correction predicts that XRP will fall to the $0.3781 level of the 1.618 Fibonacci extension.

XRPUSD( 4 Hour Chart) - February 7.23.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 

Show comments(0 comments)