Ripple Is In A Tight Range And Faces Rejection At $0.35

Jan 03, 2023 at 10:53 // Price
Coin Idol
Ripple has reached the overbought zone of the market

The Ripple (XRP) price is in the bearish zone below the moving average lines.

Long-term forecast for the Ripple price: bearish

Buyers struggled to break above the moving averages yesterday. The uptrend is currently rejected at the 21-day line SMA. Buyers failed to keep the price above the 21-day line SMA or the $0.35 resistance line. The moving average lines have stopped the rising movement. As a result, XRP might fall below the support level of $0.31. If the bears break the current support, the market will fall to a low of $0.19. Nevertheless, further gains since November 25 are unlikely. The moving average lines were responsible for the upward movement. Ripple is currently trading in a narrow range between $0.31 and $0.35.

Ripple indicator analysis

XRP has fallen below the Relative Strength Index value of 44 for the 14 period. Despite the recent gains, the altcoin is in a downtrend. The price bars are below the moving average lines, which indicates that the price will continue to fall. The altcoin is gaining strength above the daily stochastic level of 80. The altcoin has reached the overbought zone of the market.

XRPUSD(Daily Chart) - January 3.23.jpg

Technical indicators 

Key resistance levels - $0.80 and $1.00

Key support levels - $0.40 and $0.20

What is the next step for Ripple?

Ripple (XRP) has reached the overbought zone of the market. It is also rejected at the $0.35 resistance level. As soon as sellers appear in the overbought region, the selling pressure will increase again. XRP corrected upwards on December 30, and a candlestick tested the 61.8% Fibonacci retracement level. The correction suggests that XRP will fall below the 1.618 Fibonacci extension level, or $0.31.

XRPUSD( 4 Hour Chart) - January 3.23.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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