More On: xrp
There is a bearish trend in the price of Ripple (XRP). It was on April 6 that the altcoin broke below the moving averages as it plummeted below $0.75. However, the upward correction was stalled below the 50-day SMA.
In the downtrend zone, the bears have a better chance than the bulls because the altcoin is vulnerable to a drop in prices. During this time, the bulls are trying to break above the 50-day line, or SMA, for short. Buyers must break out above the 50-day line SMA in order for Ripple to come back above the moving averages again. However, if the cryptocurrency turns away from the 50-day line SMA, the bears will break the support level at $0.75, and the cryptocurrency will fall. There's a good chance that XRP will fall back to the low of $0.69. When I write this sentence, the price of XRP/USD is down to $0.78.
Analysis of the ripple indicator
The price of XRP is below both the 21-day line and the 50-day moving average line, which means that the cryptocurrency is going to keep going down. Ripple has dropped to 44 on the Relative Strength Index for the 14th time in a row. If XRP falls even more, it could go even lower. If you look at the daily stochastic, XRP/USD isn't in the 20% range of the stochastic. This means that XRP is in a bullish trend.
Major Resistance Levels - $1.95 and $2.0
Major Support Levels - $0.80 and $0.60
The next step for Ripple is to figure out what they want to do next.
After the price fell below the moving averages, XRP/USD started to go down again. On March 31, the downtrend has seen a candlestick that is retreating test the 50% Fibonacci retracement level. This means that XRP will fall back to the 2.0 level of the Fibonacci extension, which is about $0.69, at some point. This is based on how the price of XRP has changed. It has dropped and hit a low of $0.77.
** Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of USA GAG nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.