Ripple Declines Marginally as It Faces Rejection at $0.39
Aug 16, 2022 at 09:59 //
PriceThe price of Ripple (XRP) is trading in the uptrend zone as the altcoin drops below the 21-day line SMA. On August 14, buyers pushed XRP to the high of $0.39, but were rejected.
The wick of the candle indicates strong selling pressure at the $0.39 price level. XRP is trading between the moving average lines as it drops below the 21-day line SMA. The movement is insignificant due to the dominance of the doji candlesticks. If the price drops below the 50-day line SMA, XRP will return to the previous low of $0.30. However, if the 50-day line holds, the cryptocurrency will continue its movement between $0.36 and $0.39. Meanwhile, XRP/USD is trading at $0.37 at the time of writing.
Ripple indicator analysis
Ripple is at level 51 of the Relative Strength Index for period 14, with the XRP price bar between the moving average lines indicating further movement within the range. The altcoin is below the 40% area of the daily stochastic. The bearish momentum is unstable.
Technical Indicators
Key Resistance Zones: $0.40, $0.45, $0.50
Key Support Zones: $0.30, $0.25, $0.20
What is the next move for Ripple?
On the 4-hour chart, XRP/USD has declined and started a trading range between $0.36 and $0.39. The altcoin will develop when the range bound levels are broken. Meanwhile, when XRP recovers and resumes the uptrend, the indecisive candles with a small body will disappear. Nonetheless, the presence of an indecisive small-bodied candlestick will extend the range bound movement.
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