Ripple (XRP) price continues its downward move after breaking the $1.20 support. Today, April 23, 2021, sellers pushed XRP to $0.87 low and pulled back. But the bears have continued to show the upper hand as the pullback was neutralized.
The bears also show their supremacy above the $1.20 support level. The bulls and bears were in price tussles for five days between the $1.20 and $1.50 price levels. Buyers attempted to push XRP above the $1.50 resistance but were overpowered as the bears broke the $1.20 support.
With the breakdown, the downtrend is likely to extend to the low of $0.90 support. Nonetheless, if price breaks the $0.90 support, the market will further decline to $0.60 support. Also, there are bullish signals above the $1.00 support. XRP will resume upward if the current support holds. Otherwise, XRP will fall to $0.90 support. XRP/USD is trading at $1.02 at the time of writing.
XRP price has broken above the 21-day SMA but it is retesting the 50-day SMA. If price breaks below the SMAs, the selling pressure will resume. Presently, 21-day and 50-day SMAs are sloping upward indicating the bullish trend.
Major Resistance Levels – $1.95 and $2.0
Major Support Levels – $0.60 and $0.55
Ripple is still in a downward move. The altcoin faced rejection twice at the $1.50 high before resuming downward. 0n April 18 downtrend; a retraced candle body tested the 61% Fibonacci retracement level. This retracement indicates that XRP will fall to level 1.618 Fibonacci extensions or the low of $0.605.
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