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Ripple Falls Above $0.30 as Bulls Try to Recover From High of $0.38

Analytics

coinidol.com 17 June 2022 12:14, UTC
  
Reading time: ~2 m

On June 13, the price of Ripple (XRP) fell to another low of $0.30 after dropping below the $0.33 support level. The $0.33 price level is the May 12 price drop that has lasted for a month.

Long-term forecast for the Ripple (XRP) price: bearish

However, when XRP fell to $0.30, the bulls bought the dips. XRP/USD took an upward correction to the high of $0.34, but was rejected. For the past five days, Ripple has been fluctuating between $0.30 and $0.34 price levels. A rise above the 21-day line SMA is likely if the price rises above the $0.34 high. This will push the altcoin to rise to the 50-day line SMA. Meanwhile, XRP could fall to a low of $0.25 if the current support at $0.30 is breached.

Ripple (XRP) Indicator Analysis

Ripple has risen to level 38 on the Relative Strength Index for the 14 period. The RSI has risen as buyers appear in the oversold region. The altcoin will continue its uptrend as buyers show up in the oversold region of the market. The cryptocurrency's price bars are below the moving averages, indicating a further decline. XRP is above the 25% area of the daily stochastics. The daily stochastic indicates that XRP is in a bullish momentum.

Technical Indicators: 

Key resistance levels - $0.80 and $1.00

Key support levels - $0.60 and $0.40

What is the next move for Ripple (XRP)?

Ripple is in a downward correction as it consolidates above the $0.30 support. Meanwhile, on the May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that XRP will fall to the level of 1.272 Fibonacci extensions or $0.25. The price action shows that XRP fluctuates between the levels of $0.30 and $0.34.

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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