Ripple Holds above $0.29 Support as Buyers Fail to Overcome the $0.35 Resistance

On January 12, 2021, Ripple (XRP) is making a downward move after the rejection at the $0.35 high. The altcoin is falling because of the failure of the bulls to break the resistance at the recent high.

Ripple (XRP) Price Long-Term Forecast: Bearish

If the bulls are successful, XRP will be out of downward correction. Perhaps, the coin will resume upside momentum. 

Nonetheless, in December 2020, XRP plunged to a $0.17 low as a result of rejection from the same resistance level. Ripple has been battling with downward correction for the past month. XRP is the only coin that is yet to join the bull market. It risks a further decline to $0.18 low if the current resistance remains unbroken.

Ripple (XRP) Indicator Analysis

The price retested the resistance line of the descending channel but failed to break it. A break above the resistance line will propel XRP to resume its upward move. XRP is at level 49 of the Relative Strength Index. It indicates that there is a balance between supply and demand.

What Is the Next Move for Ripple (XRP)?

Ripple’s upward move is facing resistance at the $0.35 high. XRP will resume a downward move if the bulls fail to break the resistance at the recent high. Meanwhile, the Fibonacci tool has indicated a downward movement of the coin. On January 11 downtrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement implies that Ripple will fall to level 1.618 Fibonacci extension. That is the low of level $0.18.  

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