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Ripple Plunges as Altcoin Regains $0.30 Low

Analytics

coinidol.com 19 August 2022 10:57, UTC
  
Reading time: ~2 m

The price of Ripple (XRP) is in a downtrend as the price is falling below the moving average lines.

Ripple price long-term forecast: bearish

The bears have undercut the moving average lines as the altcoin has regained the previous low at $0.30. In other words, the bears have undercut the 50-day line SMA, which causes the cryptocurrency price to move in a certain range. Today, XRP has fallen to the low of $0.34 and has recovered. If the altcoin declines and finds support above $0.30, XRP/USD will initiate a move between $0.30 and $0.39 for a few days. 

Ripple indicator analysis

Ripple is at level 36 of the Relative Strength Index for period 14, which indicates that the cryptocurrency is in a downtrend and could continue to decline. Since the price bar is below the moving average lines, this indicates that the prices will continue to  move downwards. The altcoin is below the 20% area of the daily stochastic. XRP is in a bearish momentum as the market reaches the oversold zone.

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, XRP/USD is in a downtrend after a recent breakdown. It is likely that XRP will fall to the previous low at $0.30. The market has reached the oversold zone. Selling pressure is likely to ease. Nonetheless, the cryptocurrency is likely to dip back into a trading range if the support at $0.30 holds.

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 


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