Ripple Falls Rapidly, But Stops At $0.35
The Ripple (XRP) price has fallen into the bearish trend zone as a result of a dip below the moving average lines.
Long-term forecast for the Ripple price: bearish
Bulls bought the dips, but yesterday saw a sharp decline in the XRP price, which reached a low of $0.35. The current support for the downtrend is the historical price level of November 20, 2022, and the current support has held for the last three months. The bulls bought the dips when the price of the cryptocurrency fell to $0.36 today. The cryptocurrency price needs to overcome the resistance at $0.38 and $0.39 to resume the bullish momentum to the upside.
Ripple indicator analysis
Ripple is in the negative trend zone at level 38 of the Relative Strength Index for the period 14. XRP is currently in a zone of decline and could stay there. The cryptocurrency asset is particularly vulnerable to a decline as the price bars are below the moving average lines. Bullish momentum has slowed above the daily stochastic reading of 25.
Key resistance levels – $0.80 and $1.00
Key support levels – $0.40 and $0.20
What is the next move for Ripple?
Ripple has fallen to the low of $0.35. The range where the altcoin will initially move is between $0.35 and $0.38. XRP will continue to fall if the bears manage to break the current support level at $0.35. The altcoin will fall to a low of $0.34 or $0.33. The cryptocurrency’s uptrend could resume if the price breaks the $0.38 level.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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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