On January 26, 2021, Ripple (XRP) slumped to $0.26 low after several rejections from the $0.28 high. From every indication, the selling pressure may persist.
The current downward move was a result of bullish pressure on January 19. On that date, buyers pushed XRP to the high of $0.33 but were resisted. The coin fell to $0.31 low and after retesting the $0.31 and $0.30 high, XRP found support above $0.26 low on January 22.
For the past five days, Ripple has been fluctuating between $0.26 and $0.28. Buyers retested the $0.28 high but failed to push on the upside. Sellers and buyers have not agreed on the direction of the market. If the bears have the upper hand, the coin will further decline to the low of either $0.23 or $0.16.
The crypto’s price has broken the 21-day SMA and the 50-day SMA. The implication is that the coin has fallen into the bearish trend zone. The crypto is more prone to decline than rising. The Relative Strength Index has confirmed that the coin is in the bearish trend zone at level 41.
Key Resistance Zones: $0.80, $0.85, $0.90
Key Support Zones: $0.20, $0.15, $0.10
The altcoin is likely to fall as it faces rejection at $0.27. The Fibonacci tool analysis has indicated a possible fall of the coin. On January 22 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that Ripple will fall to level 2.0 Fibonacci extension and reverse. That is the low of level $0.17.
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