Ripple Slumps as Bulls Fail to Sustain the Recent Rallies
Jan 16, 2021 at 11:53 //
NewsRipple has resumed a downward move as a result of its recent rejection at the $0.285 high. Today, the coin is approaching the previous low at $0.27.
However, since January 12, Ripple has been stuck below the $0.31 resistance where buyers tried unsuccessfully to break the overhead resistance. After its decline from the recent high, the coin plunged to $0.26 low.
The bulls bought the dips at the recent low as price corrected upward. Unfortunately, the upward correction was rejected at the $0.285 high. This implies a further downward movement of the coin is likely. On the downside, if XRP falls and breaks below the $0.26 support, the market will sink to a low above $0.16. Meanwhile, the altcoin has continued its fall.
Ripple indicator analysis
The crypto’s price is breaking below the 21-day SMA. A break below the SMAs suggests a downward movement of the coin. Presently, XRP has fallen to level 43 of the Relative Strength Index period 14. It indicates that the coin is in the downtrend zone and below the centerline 50.
Key Resistance Zones: $0.80, $0.85, $0.90
Key Support Zones: $0.20, $0.15, $0.10
What is the next move for Ripple?
With the recent rejection at the $0.285 high, XRP is likely to further decline. On January 11 downtrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement suggests that Ripple will fall to level 1.618 Fibonacci extension. That is the low of level $0.18.
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
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow