Ripple Is Set for a Deeper Correction as Bears Breach More Support LevelsJanuary 2, 2021
Ripple (XRP) has been battling with deeper correction after the breakdown to $0.18 low on December 28, 2020. At the beginning of 2021, Ripple price made an upward move.
Ripple (XRP) Price Long-Term Forecast: Bearish
The deeper correction is not unconnected with Ripple’s fundamental issue. Since 2018, XRP’s token attained a market capitalization of roughly $140 billion. Today, market capitalization has declined to $10 billion which gives an estimated loss of $130 billion. In a nutshell, XRP’s capitalization declined by 93% in three years.
Nonetheless, on January 1, XRP made an upward move to $0.25 which has ignited a further downward move. If Ripple falls and breaks below the previous support the downtrend will persist. XRP will drop to $0.10 low
Ripple (XRP) Indicator Analysis
The altcoin is trading at level 33 of the Relative Strength Index period 14. It indicates that the downtrend will continue on the downside. XRP will fall into the oversold region if it declines below level 30.
Consequently, buyers will emerge in the oversold region. The coin is in the bearish trend zone as it breaks below the SMAs.
Key Resistance Zones: $0.80, $0.85, $0.90
Key Support Zones: $0.20, $0.15, $0.10
What Is the Next Move for Ripple (XRP)?
In its last downward move on December 29, XRP corrected upward which was repelled. The retraced candle body tested the 88.6 % Fibonacci retracement level.
The retracement implies that Ripple will fall to level 1.1189 Fibonacci extension or $0.11609 low. At this price level, the market will be in the oversold region suggesting buyers take control of prices.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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
Source: Read Full Article