Ripple Circles Above $0.38 Support As Sellers Resume Selling Pressure

Dec 13, 2022 at 11:07 // Price
Coin Idol

The price of Ripple (XRP) has been consistently hovering below the $0.40 level.

Ripple (XRP) Price Long-Term Forecasts: Bearish

Since December 1, XRP has been bouncing below the resistance level and trying to break it. With doji candlesticks in place, buyers have failed to break the resistance level. Once the cryptocurrency price breaks below the 21-day line SMA, selling pressure could return.

If the buyers can overcome the $0.40 hurdle, XRP will climb above the 50-day line SMA. The upward movement of the Ripple asset will continue if the positive momentum above the 50-day line SMA continues. XRP will reach its high of $0.55. The 21-day line SMA has been breached by sellers, so XRP could retrace and return to its fluctuation range between $0.31 and $0.40. XRP is currently circling support at $0.38.

Ripple (XRP) Indicator Analysis

Ripple is trading at level 44 in the downtrend area of the Relative Strength Index for period 14. With price bars now below the moving average lines, a likely decline is indicated. The daily chart's Stochastic for Ripple is below the level of 40 and has a bearish momentum.

Technical Indicators

Key resistance levels - $0.80 and $1.00
Key support levels - $0.40 and $0.20

XRPUSD(Daily Chart) - December 13.jpg

What is the next move for Ripple (XRP)?

The price of Ripple (XRP) is bearish as it is deviating below the moving average lines. If selling pressure picks up again, the altcoin will initially retrace to its previous low of $0.31. However, if the $0.31 support level is breached, the cryptocurrency will fall to a low of $0.19.

XRPUSD(Daily Chart 2) - December 13.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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