Ripple Slumps Below $0.23 Support as XRP Makes a Deeper Correction

The new breaking of the support level indicates the continuation of the downtrend. The selling pressure has been ongoing after the rejection of the $0.26 resistance. Sellers have pushed the price below $0.24 and now $0.23. 

Ripple (XRP) Price Long-Term Forecast: Bearish

This current price fall is likely to extend to the low of $0.21 which is the next support. Nonetheless, buyers may want to defend this level as further depreciation will weaken the Ripple coin. Meanwhile, Ether is trading at $0.224 at the time of writing. The XRP is likely to rebound if it reaches the 0.21 low. If price bounces, it is a sign that the bull market has resumed. 

Ripple (XRP) Indicator Analysis

The price is falling and attempting to break the support line of the descending channel. A break below the support will further cause the coin to fall. Ripple has fallen below the 20% range of the daily stochastic. It indicates that buyers will emerge to push prices up. In other words, the trend is reaching bearish exhaustion. 

Key Resistance Zones: $0.35, $0.40, $0.45

 Key Support Zones: $0.25, $0.20, $0.15

What Is the Next Move for Ripple (XRP)?

Certainly, Ripple’s downward move has been confirmed as price breaks below the $0.23 support. On September 5 downtrend, XRP reached the $0.23 low but was resisted. The green candle body tested the 78.6 % Fibonacci retracement level. This gives us the clue that the market will fall and reach the 1.272 Fibonacci extension level or the $0.21 low.

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 funds.