Ripple Slides Down Marginally as It Faces Rejection at $0.54
Oct 18, 2022 at 10:22 //
PriceThe price of Ripple (XRP) is in the bullish trend zone as it has retreated below the 21-day line SMA. The cryptocurrency asset has fallen to $0.44 and resumed consolidation above this level.
If XRP holds above the 21-day line SMA, it is likely to rise and regain the upper resistance of $0.55. Candlesticks have broken below the 21-day line SMA. XRP is likely to decline unless it breaks above the 21-day line SMA. Ripple will fall above the breakout level of $0.41 or above the 50-day line SMA. In the meantime, XRP is declining as it has reached the low of $0.47.
Ripple indicator analysis
The cryptocurrency has declined to the 50 level of the Relative Strength Index for the 14 period. This means that there is a balance between supply and demand. Ripple is likely to start a sideways movement as the price bars are between the moving average lines. The cryptocurrency is in bearish momentum as it is below the 40% area of the daily stochastic.
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 line, Ripple is bearish as it fails to break above the 21-day line SMA. Meanwhile, XRP completed a downward correction to the upside on October 11 and a candlestick tested the 61.8% Fibonacci retracement level. The correction implies that XRP will fall to the 1.618 Fibonacci extension level or the $0.43 price level.
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