Ripple Faces Rejection at $0.75 and $0.65 Resistance Levels, Risks Further Decline
Dec 05, 2020 at 12:23 //
NewsAfter the November 26 breakdown, Ripple corrected upward and resumed a sideways move below the overhead resistance. The bulls could not retest the $0.75 overhead resistance as the coin was repelled at $0.65.
At the recent high, XRP is making a downward move. First of all, it pulled back and retested the $0.65 high before resuming the downtrend. Presently, the price action is making a series of lower highs and lower lows.
Ripple has fallen to the low of $0.54 and it is making a lower high at the $0.60 resistance zone. At that price level, the coin is likely to be resisted. Perhaps it will resume a downward move and make a lower low. The bearish momentum may extend to the low of $0.40 if it faces another rejection at other price levels. The altcoin is trading at $0.59 at the time of writing.
Ripple indicator analysis
The altcoin has fallen to level 60 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone and above the centerline 50. On the daily chart, the price bars are approaching the SMAs. A break below the SMAs will signal the resumption of the downtrend.
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?
The coin is likely to make a further downward move given the recent price action. The crypto has faced rejections at the $0.75 and $0.65 resistance levels. A downward movement of the coin is expected. On December 1 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ripple will fall to level 2.0 Fibonacci extension. That is a low of $0.474.
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
