Ripple Slumps to $0.81 Low, Risks Further Selling Pressure

The price of Ripple (XRP) has fallen to a low of $0.81 as buyers fail to keep the price above the high of $1.00. The XRP price has fallen below its moving averages. This means that the cryptocurrency is under further selling pressure.

In the meantime, the altcoin is trading between $0.76 and $1.00. If the bears break the support at $0.76 to the downside, the market will fall to a low of $0.57. The support at $0.57 is the previous low of the December 4 drop. On the upside, the bulls have the difficult task of pushing XRP to the previous highs. Buyers need to break above the moving averages or resistance at $1.00 to resume the uptrend. If the buyers are successful, XRP will reach the previous highs of $1.10 and $1.30. 

Análisis del indicador de ondulación

XRP has fallen to the 45 level of the Relative Strength Index for the 14 period. The cryptocurrency is still in the downward zone and there is a risk that it will face further selling pressure. XRP’s price is below the 21-day moving average and the 50-day moving average line. This makes the altcoin vulnerable to further selling pressure. Ripple is above the 25% area of the daily stochastic. The market has resumed its bullish momentum.

Los indicadores técnicos:  

Principales niveles de resistencia: $ 1.95 y $ 2.0

Principales niveles de soporte: $ 0.80 y $ 0.60

¿Cuál es el próximo movimiento para Ripple?

Currently, Ripple is still in a downward correction as the altcoin is rejected from its recent high. Meanwhile, the downtrend from December 28 has shown a candle body testing the 78.6% Fibonacci retracement level. The retracement suggests that XRP will fall to the 1.272 Fibonacci extension level or the $0.76 level. The price action shows that XRP is fluctuating above the 1.272 Fibonacci extension.

Descargo de responsabilidad. Este análisis y pronóstico son las opiniones personales del autor y no son una recomendación para comprar o vender criptomonedas y no deben verse como un respaldo de CoinIdol. Los lectores deben hacer su propia investigación antes de invertir