Cryptocurrency analysts of Coinidol.com report, the Ripple (XRP) price has fallen below the moving average lines. This suggests that selling pressure will continue to be on the downside.
Before the breakdown, buyers were working feverishly to keep the price above the moving average lines. This allows the cryptocurrency to retest the $0.55 resistance level. Nevertheless, the bears have broken through the 50-day line SMA, which is caught in a trap.
The cryptocurrency's price is currently challenging the 50-day line SMA once again before selling pressure picks up. XRP is trading for $0.47 at the time of writing.
The negative is that XRP could fall as low as $0.44. The price of the cryptocurrency will continue to fall after breaking through the $0.44 support. If the support of $0.44 is broken, the market will fall to a low of $0.41. The cryptocurrency will resume its movement if the support of $0.44 holds. Therefore, the altcoin will fluctuate between $0.44 and $0.55.
XRP is at level 43 of the Relative Strength Index for the period 14.
This shows that XRP is in the zone of downtrend and is vulnerable to further decline. However, as the price bars are below the moving average lines, selling pressure will increase. The daily stochastic value is currently above the 80 level, and the overbought zone of the market has been reached. XRP is likely to fall further.
Key resistance levels – $0.80 and $1.00
Key support levels – $0.40 and $0.20
Ripple is starting to fall again as the price slips below the moving average lines. Sellers are expected to emerge once the cryptocurrency enters the overbought zone, driving prices down. The decline occurred at the previous price and reached a low of 0.45.
On Jun 23, 2023, Coinidol.com reported that: Before the second rejection of the recent high, the cryptocurrency asset was already trapped between the moving average lines. XRP fell to a low of $0.46 after the initial rejection at the $0.55 overhead barrier, but the bulls bought the dips.
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.com. Readers should do their own research before investing in funds.