The price of Ripple (XRP) is falling after buyers failed to break through resistance at $0.80.
Moreover, buyers fail to take advantage of the uptrend to regain the overriding resistance at $1.00. Today, XRP has fallen to the low of $0.74 by the time of writing.
The bears intend to retake the previous low at $0.73. If the bears break the support at $0.73, XRP will fall to a low of $0.69. If the selling pressure continues, the market will drop to the low of $0.57. This is the previous low of the December 4 price drop. On the other hand, if the bears fail to break the support at $0.73. XRP/USD will again move in a range between $0.73 and $0.80.
Ripple indicator analysis
Due to the recent downward movement, Ripple has dropped to level 38 of the Relative Strength Index for the 14 period. XRP is still in the downtrend zone, but below the midline 50. Ripple is below the 20% range of the daily stochastic. The cryptocurrency is already in the oversold region of the market. This indicates that the selling pressure will reach bearish exhaustion.
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/USD is in a range-bound movement. The XRP price is fluctuating between the levels of $0.73 and $0.80. The altcoin is falling and approaching the lower price range. The movement within the range will continue if the current support holds. However, the downtrend will continue if the bears fall below the current support.
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.
Source: https://coinidol.com/ripple-low-0-73/