Ripple Consolidates Above $1.0 Support as Sellers Threaten to Short

Ripple (XRP) has reached bearish exhaustion. At the time of writing, XRP is trading at $1.03. Since November 18, the price has remained unchanged above $1.00 support.

If XRP holds above the current support and bounces, the uptrend will resume. Buyers will try to break out above the moving averages. If the price bars are above the moving averages, XRP will resume its uptrend. However, if XRP is below the moving averages, the tendency is for prices to fall. The market will fall to a low of $0.85 if the sellers break the support at $1.00. In the meantime, XRP/USD continues to fluctuate above the $1.00 support level.

Ripple indicator analysis

Ripple has fallen to the 40 level of the Relative Strength Index for the 14 period. The altcoin is still in downward correction and below the 50 midline. XRP/USD has fallen into oversold territory as the price is below the 20% range of the daily stochastic. This suggests that selling pressure is likely over. Buyers are likely to emerge in the oversold region.

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?

Ripple is in a downtrend. Selling pressure has eased as the price has fallen into oversold territory. Meanwhile, the downtrend from November 10 has shown a candlestick testing the 61.8% Fibonacci retracement level. The retracement suggests that the XRP price will fall to the Fibonacci extension level of 1.618 or $0.97.

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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