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

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.