Ripple Continues Downward Correction, May Resume Sideways Move
Nov 28, 2020 at 10:37 //
NewsRipple has fallen and found support above $0.52. On November 24, XRP declined because of the presence of a long candlestick wick which suggested a downward movement of the coin.
Similarly, on November 26, a bearish candlestick showed a long tail. This implies that the coin is facing strong buying pressure at a lower price level. With the latest candlestick formation, the downtrend is assumed to have ended. In the interim, the altcoin is likely to resume a sideways move above the current support for a few days. Thereafter the market will resume trending. Today, Ripple is trading at $0.556 at the time of writing.
Ripple indicator analysis
After the recent breakdown, XRP fell and found support above the bullish trend line. The implication is that if the trend line remains unbroken, the upside momentum will resume. The coin will rise to retest the previous highs. XRP is below the 80% range of the daily stochastic. This indicates that it has bearish momentum.
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?
In the meantime, Ripple has fallen to $0.52 but has moved up to $0.55 high. The Fibonacci tool has indicated a further downward movement of the coin. On November 26 downtrend, a retraced candle body tested 78.6% Fibonacci retracement level. This retracement indicates that Ripple will fall and reverse at level 1.272 Fibonacci extension. That is the market will reach the low of $0.36 and reverse. From the price action, the market appears to have reversed.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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 funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow
