Ripple Bulls and Bears Struggle Above $1.10 Support as Bears Threaten to Short
Nov 12, 2021 at 09:48 //
NewsSelling pressure on Ripple (XRP) continued above $1.10 support. In other words, the market fell above the 21-day moving average. Moreover, the XRP price has fluctuated between $1.10 and $1.25 over the past 48 hours.
The current price action suggests that buyers intend to retarget the previous overhead resistance at $1.41. This previous price level has not been breached since September 6. Today, there are bearish candlesticks as sellers intend to lower the altcoin further. Ripple is falling on the downside. If the bears break the support at $1.10, the market will fall to a low of $0.94. However, if the current support holds, XRP/USD will fluctuate in a range between $1.10 and $1.30.
Ripple indicator analysis
Ripple is at level 56 on the Relative Strength Index for period 14, with the cryptocurrency's price bars above the moving averages. The altcoin is in the bullish trend zone and has the advantage to rise. The cryptocurrency price is currently above the 40% range of the daily stochastic. However, the stochastic bands are horizontally flat, which means that the market is stationary.
Technical indicators:
Major Resistance Levels - $1.95 and $2.0
Major Support Levels - $0.80 and $0.60
What is the next move for Ripple?
On the 4-hour chart, XRP is vulnerable to a decline if the bears break below the moving averages. This suggests that XRP will continue its downward movement. Meanwhile, the November 10 downtrend has shown a candlestick testing the 50% Fibonacci retracement level. The retracement suggests that the XRP price will fall to the 2.0 Fibonacci extension level, or $0.91.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow
