XRP Remains Above $0.43 But A Decline Is Possible

The price of XRP (XRP) has fallen below the moving average lines after buyers failed to keep it above the $0.64 resistance level.

XRP long-term analysis: bearish

On July 17, the altcoin rallied to a high of $0.638 before being rejected. XRP fell to a low and then began an upward correction. The upward correction was halted at a high of $0.659, leading to a downturn in the cryptocurrency. The altcoin fell to a low of $0.43 and then recovered. According to price activity, the altcoin will most likely return to its low of $0.38. 

On July 19, as part of an upward correction the 38.2% Fibonacci retracement line was tested by a retracing candlestick body, as reported by Coinidol.com. The retracement implies a further decline to the 2.618 Fibonacci extension level or $0.379.

XRP indicator analysis

The price of the cryptocurrency has dropped significantly to the lower part of the chart. The altcoin is approaching its recent low of $0.38.

The price bars are below the moving average lines, which indicates that cryptocurrencies will continue to fall. Long candle tails indicate important support at $0.38. The long candles represent significant buying pressure at the bottom of the chart.

Technical indicators:  

Key Resistance Levels – $0.80 and $1.00

Key Support Levels – $0.40 and $0.20

What is the next direction for XRP?

On the 4-hour chart, the price of the cryptocurrency is fluctuating above the $0.43 support. The altcoin corrects upwards and reaches its high at $0.47. XRP is trading above $0.43 and below the moving average lines. The altcoin will fall even more if it breaks below $0.43.

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.