Ripple Trades Above $0.45 Support And Faces Selling Pressure At $0.48
Sep 27, 2022 at 10:56 //
PriceRipple (XRP) price is in an uptrend zone as it pulls back above the $0.45 support.
Long-term forecast for the Ripple (XRP) price: bullish
In the first uptrend, XRP rallied to an overbought area at $0.55. Buyers failed to sustain the bullish momentum as sellers emerged in the overbought area of the market. XRP will continue a new uptrend if the current support holds. A breakout above the $0.55 high will catapult XRP to the $0.82 high.
Currently, XRP price is fluctuating above the $0.45 support. The cryptocurrency will face selling pressure again if the price drops below the current support or uptrend line. The altcoin will continue to fall to the low of $0.39.
Ripple (XRP) Indicator Analysis
XRP is at level 65 of the Relative Strength Index for the period 14, indicating that XRP is in the bullish trend zone and could continue to rise. The price bars are above the moving average lines, indicating a further uptrend. The altcoin is below the 40% area of the daily stochastic. This indicates that the market is in a bearish momentum.
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 (XRP)?
On the 4-hour chart, Ripple is likely to continue to decline. The cryptocurrency has retreated below the 21-day line SMA. The upward movement is encountering resistance at the 21-day line SMA. This rejection could lead to a further decline of XRP.
Meanwhile, on September 23 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that XRP will fall to the Fibonacci extension level of 1.618 or the high of $0.39.
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