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Ripple (XRP) has fallen in the last three days after rejecting the high of $0.38. The decline has reached a low above the 21-day simple moving average (SMA). The bears have used this advantage to drive the altcoin down to its previous low of $0.30.
If the bears fall below the current support, the downtrend will resume. The bulls failed to maintain their upward momentum after crossing the 21-day line SMA in the previous price action. The uptrend was terminated at a high of $0.38. If the bulls had broken through the 50-day simple moving average, XRP would have reached a high of $0.53. Today, XRP is trading above the 21-day simple moving average (SMA), but below the 50-day SMA. A break below the 21-day simple moving average (SMA) will put the altcoin under new downward pressure.
Analysis of the ripple indicator
For the 14th period, Ripple has fallen to level 46 on the Relative Strength Index. XRP is in a downtrend, and selling pressure is increasing once more. The altcoin's price is between the moving average lines, indicating that it may move within the trading range. XRP is trading below the daily stochastic's 80 percent area. The cryptocurrency is losing ground. Ripple is most likely retreating from previous highs. Moving averages continue to slant south, indicating a downward trend.
Technical indicators:
- Major Resistance Levels - $0.80 and $1.00
- Major Support Levels - $0.40 and $0.20
What is Ripple's next step?
Because of the recent rejection at $0.38, Ripple is bearish. The Fibonacci tool has indicated a possible downward trend. Meanwhile, the downtrend saw a retraced candlestick on May 12 that tested the 78.6 percent Fibonacci retracement level. According to the retracement, XRP will fall to the 1.272 Fibonacci Extension level, or $0.25.
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