Ripple Pauses above $0.31 as Sellers Target the $0.20 Low
Nov 22, 2022 at 12:53 //
PriceRipple (XRP) is bouncing above $0.31 support despite being in a downtrend. In other words, the altcoin's price is fluctuating between $0.31 and $0.40.
When the fluctuation range is exceeded, the cryptocurrency starts to trend. Everything indicates that sellers are trying to break the current support due to an unsuccessful upward correction. The price war between buyers and sellers has caused XRP to fluctuate above the existing support. On the downside, XRP will continue to fall to a low of $0.20 if the bears break the support at $0.31. However, if the price rises and breaks the barrier at $0.40, the altcoin will resume its uptrend. The positive trend will continue to a high of $0.50.
Ripple indicator analysis
For the period 14, Ripple is at level 38 of the Relative Strength Index. XRP is in a downtrend area and may continue to move lower. The price bars continue to trade below the moving average line, indicating a further decline in XRP. The daily stochastic is at 30, where the cryptocurrency is in a positive momentum. The bullish momentum is shaky at the moment.
Technical indicators:
Major Resistance Levels - $0.80 and $1.00
Major Support Levels - $0.40 and $0.20
What is the next move for Ripple?
As the downtrend weakens, Ripple prices are fluctuating. The price indicator predicts that XRP will continue to fall below the $0.31 support. XRP had an upward correction during the decline on November 9, and a candlestick tested the 61.8% Fibonacci retracement line. The correction predicts that XRP will fall to the 1.618 Fibonacci extension level, or $0.19.
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