Ripple Declines as Bears Resume Selling at 0.35 High
July 12, 2022The price of Ripple (XRP) is in a downtrend and has fallen to a low of $0.31. The current price level is the valuable low from June 30. On the upside, further growth is doubtful as the cryptocurrency is rejected at the 21-day line SMA.
Since May 12, the 21-day line SMA has slowed down further upside movement of XRP. On June 24, the bulls tried to overcome the 21-day line SMA but were rejected. On the downside, XRP will continue to fall to the low of $0.25. Bears seem to sell on every rally. A curious activity of the cryptocurrency is that the price action is characterized by small indecisive candles called doji. Doji candlesticks have caused the price action to be rather slow. Buyers and sellers are undecided about the direction of the market.
Ripple indicator analysis
Ripple has fallen to level 39 of the Relative Strength Index for the period 14. XRP has fallen into the downtrend zone as the altcoin has dropped to the low of $0.31. The crypto’s price bars are still below the 21-day line SMA and the 50-day line SMA, accelerating the downward movement. XRP is below the 20% range of the daily stochastic. The cryptocurrency has fallen into the oversold zone of the market. The 21-day line SMA and the 50-day line SMA are sloping south, indicating the downtrend.
Technical indicators:
Major Resistance Levels – $0.80 and $1.00
Major Support Levels – $0.40 and $0.20
What is the next move for Ripple?
Ripple has resumed its downtrend as the cryptocurrency is facing a rejection of the recent high. Meanwhile, on May 12 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that XRP will fall, but reverse at the 1.272 Fibonacci extension level or $0.25 level.
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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