A correction to the upside is taking place in the price of Ripple (XRP), which is taking place from prior highs. Over the course of the past three days, the alternative coin has maintained its position higher above the $0.32 support.
Bearish price outlook for ripple for the long haul.
XRP’s price has ranged between $0.32 and $0.35 in the most recent swing of prices. The alternative coin made a correction to the upside yesterday, reaching a new high of $0.33, and it is possible that the upward momentum will continue today. If XRP is able to trade at a price that is higher than $0.35, the price will climb above the moving average lines. As a direct consequence of this, the bullish momentum will continue to advance to new highs. On the other hand, if sellers are successful in breaking below the support at $0.32, XRP will continue its descent into the previous lows at $0.30.
Analysis of ripples in the indicator.
According to the Relative Strength Index, Ripple is currently trading at level 41 for the period 14. Despite the fact that the cryptocurrency has made some progress higher, it is still in a downward trend. As the price bars have fallen below the moving average lines, the value of Ripple is likely to continue its downward trend. The altcoin’s price is currently trading higher above the 25% region of the daily stochastic. XRP is now experiencing a positive momentum. Both the simple moving average of the 21-day line and the simple moving average of the 50-day line are sloping south, which indicates a downward trend.
Indicators of a Technical Nature
Key resistance zones: $0.40, $0.45, $0.50
Important support zones are located at $0.30, $0.25, and $0.20.
What should come next for the Ripple (XRP) cryptocurrency?
Following its recent fall to a low of $0.32, Ripple is currently in an upward trend. If the current support holds and the altcoin resumes its upward momentum, the bearish scenario will be invalidated and the bullish scenario will be confirmed. There is a good chance that the current upswing will encounter opposition near $0.35 or the 50-day simple moving average line. The resumption of the upward trend will be indicated once the price breaks above these resistances.