Ripple Struggles above $0.45 as Bears Mount Strong Defense

May 31, 2022 at 11:17 // Price
Coin Idol
Buyers failed to sustain the bullish momentum

Today, the price of Ripple (XRP) is declining after a failed uptrend. Yesterday, the cryptocurrency rose to the high of $0.43, but was pushed back.

Ripple (XRP) Price Long-Term Forecast: Fluctuation Range

XRP price got stuck below the 21-day moving average line. Buyers failed to sustain the bullish momentum above the 21-day moving average line. The recent high is considered an overbought area of the market. Bears have been selling in the overbought region of the market since May 13. 

The cryptocurrency will decline and move again in a range between $0.38 and $0.45 if it does not break the current resistance. If the bears break the $0.38 support to the downside, the market will fall back to the previous low at $0.33. On the upside, a strong rise above $0.38 will break the initial resistance and rally above the moving averages.

Ripple (XRP) Indicator Analysis

Ripple is at level 40 of the Relative Strength Index for the period 14. The recent upward movement has brought the altcoin closer to the bullish trend zone. The cryptocurrency's price bars are below the moving averages, indicating a possible decline in the altcoin. XRP is below the 40% area of the daily stochastics. Bearish momentum is unstable. The 21-day line SMA and the 50-day line SMA are sloping south, indicating a downtrend. 

XRPUSD(Daily Chart ) - May 31.png

Technical Indicators: 

Key resistance levels - $0.80 and $1.00

Key support levels - $0.60 and $0.40

What is the next move for Ripple (XRP)?

Ripple is in a downward correction. The upside is meeting rejection at the 21-day moving average line. Selling pressure will continue if the bears fall below the $0.38 support. Meanwhile, the May 12 downtrend has shown a candle body testing the 78.6% Fibonacci retracement level. The retracement suggests that XRP will fall to the 1.272 Fibonacci Extension level or $0.25.

XRPUSD(Daily Chart 2 ) -May 31.png

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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