Ripple Rallies to $0.65 Overhead Resistance but Drops Sharply to $0.36 Low
Feb 23, 2021 at 13:28 //
NewsYesterday, Ripple retested the overhead resistance at $0.65 but failed to break above the recent high. A breakout would have seen the altcoin reaching the high of $0.78 but the reverse was the case.
Today, XRP has joined the other altcoin on a sharp decline. The cryptocurrency fell and broke the $0.50 support which has been holding since February 15. The price fell to the $0.36 support and pulled back. The recent price fall broke below the SMAs. Nonetheless, there is a tendency for the selling pressure to continue on the downside. However, today's candlestick possesses a long tail. The long tail indicates that there is strong buying pressure at a lower price level. Nevertheless, if the $0.36 support holds, the upside momentum will resume. Otherwise, XRP will further decline to $0.35 or $0.25 low.
Ripple indicator analysis
XRP price has fallen and has broken below the 21-day Support. The bulls are attempting to pull back the price. XRP will resume upward if the bulls are successful. The price has fallen to level 45 of the Relative Strength Index period 14. It is below the centerline 50 and it is capable of falling.
Technical indicators:
Major Resistance Levels – $0.65 and $0.75
Major Support Levels – $0.35 and $0.30
What is the next move for Ripple?
Ripple has fallen and broken below the $0.50 support. The altcoin may further decline according to the Fibonacci tool analysis. On February 16 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement implies that Ripple will decline to level 1.618 Fibonacci extension or $0.384 low.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow