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Ripple Pulls Down at Level $0.42 as Reaches an Oversold Area

Analytics

coinidol.com 08 November 2022 11:43, UTC
  
Reading time: ~2 m

Ripple (XRP), which has broken below the moving average lines, is in a downtrend. The altcoin has retreated after falling to a low of $0.42. XRP has reached the oversold zone as a result of the recent decline.

The conclusion is that XRP will resume an uptrend shortly as buyers emerge in the oversold area. In the meantime, buyers have continuously maintained control over the breakout support at $0.41. However, sellers will win if the $0.41 support is breached. XRP will fall to a low of $0.35 if the bears break below $0.41. On the other hand, the market could rise to its previous high of $0.54 if buyers push the price above the 21-day line SMA.

Ripple indicator analysis

As a result of the recent decline, Ripple is at level 41 of the Relative Strength Index for period 14, which means that XRP is in a downtrend and could fall further. XRP is below the level 20 of the daily Stochastic. The oversold area was reached by the current negative movement of XRP. In the oversold area, buyers are expected to emerge and take control of prices.

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?

On November 8, the price of XRP/USD fell to an oversold level of $0.42. The downtrend has run its course. XRP reversed its downtrend on November 7 and tested the 61.8% Fibonacci retracement level with a candlestick. After the correction, XRP will fall below the $0.44 level of the 1.618 Fibonacci extension.

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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