Ripple (XRP) price has fallen to a low of $0.43. The price is now consolidating above the $0.43 support. A further downward move will only arise if the current support is breached.
The market upward move will depend on the current support holding. For the past week, buyers have been having a running battle to sustain above the $0.50 crucial resistance.
If successful above the $0.50 high, XRP would have reached the $0.65 high. Today, the Selling pressure has overwhelmed buyers as the altcoin slumped to a $0.43 low. For the past two days, XRP has consolidated above the $0.43 support. In yesterday’s price action, the candlestick is displaying a long tail. This describes that there is strong buying pressure at a lower price level. The altcoin is likely to resume upward.
The price has broken below the 21-day and 50-day SMAs. Ripple is now in the bearish trend zone. The implication is that XRP is capable of further decline. XRP has fallen to level 45 of the Relative Strength Index period 14. It is below the centerline 50.
Major Resistance Levels – $0.65 and $0.75
Major Support Levels – $0.35 and $0.30
Since March 10, Ripple resumed a downward move. On March 10 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ripple will fall to level 1.618 Fibonacci extension or the low of $0.433. Nonetheless, XRP has fallen to a low of $0.438 and pulled back. The price action has confirmed the present low.
Disclaimer. This analysis and forecast are the personal opinions of the author are 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