Ripple Rallies Below $1.03 High as Bulls and Bears Tussle Over Price

Dec 03, 2021 at 10:54 // News
Coin Idol
The upward correction of the last few days ended at the recent high

The price of Ripple (XRP) remains in a downtrend as XRP trades below its moving averages. The cryptocurrency tends to fall as long as it is in downtrend territory.

Ripple (XRP) price long term forecast: bearish

Today, XRP is falling as buyers fail to keep prices above the $1.03 resistance. The upward correction of the last few days ended at the recent high. 

This means that Ripple could fall further to the previous lows of either $0.85 or $0.70. For example, the low of $0.85 was the previous low on September 21. In September, XRP rallied from the current support, breaking through the $1.00 resistance and rising to the high of $1.30. Today, the cryptocurrency could bounce back if it regains the previous low twice.

Ripple (XRP) indicator analysis

Ripple is at the level 38 of the Relative Strength Index for the period 14. The cryptocurrency is falling into the downtrend zone as it faces rejection. The altcoin will continue to fall as it is below the midline 50. Ripple has a bearish crossover. The 21-day line is crossing below the 50-day moving averages, indicating a sell signal.XRP/USD is moving above the 25% area of the daily stochastic. Bullish momentum has weakened due to selling pressure.


Technical Indicators: 

Key resistance levels - $1.95 and $2.0

Key support levels - $0.80 and $0.60

What is the next move for Ripple (XRP)?

Ripple is in a downtrend as the price is below the moving averages. The downtrend will end when the price rises above the moving averages. Meanwhile, on November 30, the downtrend tested the 50% Fibonacci retracement level through a candlestick. The retracement suggests that the XRP price will fall to the 2.0 level of the Fibonacci extension, or $0.93.


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 

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