Ripple Slumps after Formation of a Bearish Double Top, Struggles below $0.50 Resistance

Surprisingly, XRP price slumped again to $0.46 support as bulls bought the dips. Buyers are attempting to push above the moving averages to return to the previous high. The market will rise if price goes above the moving averages.

The recent fall was the bull’s inability to sustain above the $0.60 resistance. Buyers made two unsuccessful attempts to break the resistance level. In the process of breaking the resistance, a bearish double top pattern was formed. This causes XRP to fall. XRP/USD has resumed a fresh uptrend to revisit the $0.60 resistance. 

Unfortunately, the altcoin is facing another hurdle at the $0.50 resistance. On the upside, if buyers can push XRP above the resistances at $0.50 and $0.60, the market will attain a new high of $0.65. Conversely, if the bulls fail to clear these resistance levels, the market will be compelled to decline. The bears may break the current support at $0.46 which will cause XRP to fall to $0.42 low.

Ripple indicator analysis

Despite the retracement, buyers have pushed XRP above the 21-day and 50-day SMA. It indicates that the market is likely to rise. The candlesticks are displaying long wicks after rejection from the $0.60 high. The long wicks indicate that there is strong selling pressure at a higher price level.

Technical indicators:  

Major Resistance Levels – $0.65 and $0.75

Major Support Levels – $0.35 and $0.30

What is the next move for Ripple?

Today, XRP retested the $0.50 high and was resisted. There is an indication of further downward movement of price. On March 24 downtrend; XRP fell to $0.45 support. The retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ripple will fall to level 1.618 Fibonacci extension or the low of $0.380.  

Disclaimer. This analysis and forecast are the personal opinions of the author and 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.