The price of Ripple (XRP) is in a downward correction as the altcoin fell below the psychological price level of $0.50. XRP hit the low of $0.47, but the bulls bought the dips.
Today, May 10, 2022, Ripple coin is trading at $0.52 as of press time, and the cryptocurrency is in an upward correction to regain the $0.56 and $0.68 resistance levels. A break above these resistances will catapult the altcoin above the high at $0.80. XRP will come out of the downward correction and resume its uptrend.
However, if the bears manage to break below the psychological $0.50 level and maintain the bearish momentum, the downtrend will resume. XRP/USD will fall back to the lows of $0.47 and $0.47.
Ripple has risen to level 32 on the Relative Strength Index for period 14. The altcoin fell into the oversold zone at level 24 when it hit the low of $0.49. Buyers emerge to push the altcoin up. XRP's downtrend has reached a bearish exhaustion as the altcoin is trading below the
20% area of the daily stochastic. The 21-day line SMA and the 50-day line SMA are sloping south, indicating a downtrend.
Key resistance levels - $1.95 and $2.0
Key support levels - $0.80 and $0.60
Ripple's downtrend has eased as the altcoin holds above the $0.50 level. The altcoin fell to a low of $0.49 and recovered.
Meanwhile, on April 11, the downtrend eased through a candlestick that tested the 50% Fibonacci retracement level. The retracement suggests that XRP will fall to the 2.0 Fibonacci extension level or $0.49. The price action shows that the bulls bought the dips as the market resumed its upward movement.
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