The price of Ripple (XRP) continues to trade within a range, with the cryptocurrency asset falling to the lower price area of $0.31.
Neither buyers nor sellers have pushed the price above this range in the last month. Since November 9, the altcoin has been hovering between $0.31 and $0.40. Yesterday, sellers pushed XRP to a low of $0.33 before the altcoin resumed its uptrend. Since June 2022, the current support level of $0.31 has not been breached. Moreover, the current decline has reached the oversold zone of the market. It is likely that buyers will emerge to push prices higher. If the price breaks above the moving average lines, XRP will regain upward momentum on the plus side. Otherwise, the movement will continue within the trading range.
According to the 14-period Relative Strength Index, Ripple is currently trading at level 34 in the downside zone. Selling pressure has eased as a result of the recent correction. The price bars are currently below the moving average lines, indicating a possible decline. The daily chart's stochastic is bearish and is currently trading below the 20 level. The oversold zone on Ripple has been reached, signaling the end of the downtrend.
Key resistance levels - $0.80 and $1.00
Key support levels - $0.40 and $0.20
As the market has reached the critical support level, the selling pressure for Ripple (XRP) has eased. However, once the current support is broken, XRP is likely to fall further, according to the Fibonacci tool analysis. The altcoin will fall and reach its low at $0.20 or the 1.618 level of the Fibonacci extension.
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