Ripple Presses Down, Sellers Threaten With Short

Ripple Presses Down, Sellers Threaten With Short

January 11, 2022

Ripple (XRP) is still in a downward correction and the price is fluctuating between $0.75 and $0.90. At press time, XRP is trading at $0.74.

Ripple (XRP) price long-term forecast: bearish

The price of Ripple (XRP) continues to fluctuate below and above the $0.75 support level. After rejecting the overriding $1.00 resistance, sellers have made desperate efforts to push the cryptocurrency further below the current support. On January 5 and 10, sellers pushed XRP to the low of $0.69, but bulls bought the dips.

The candlesticks show protruding long tails after the bulls bought the dips. The long tails indicate that lower support levels are strong buy points. However, if current support is broken, the market will fall back to the low at $0.57. The $0.57 support is the previous low of the December 4 price drop. Meanwhile, XRP/USD is still in a downward correction and the price is fluctuating between $0.75 and $0.90. At press time, XRP is trading at $0.74.

Ripple (XRP) indicator analysis

Ripple is at level 34 of the Relative Strength Index for the period 14. The altcoin is still in a downtrend as it fails to overcome the overriding resistance of $1.00. The price bars are below the moving averages indicating a downward price movement. Ripple is below the 50% range of the daily stochastic. The stochastic bands on the daily chart are sloping horizontally as the price continues to fluctuate.

Technical indicators:

Major Resistance Levels – $1.95 and $2.0
Major Support Levels – $0.80 and $0.60

What is the next move for Ripple (XRP)? 

Ripple is in a downward movement. Currently, the XRP price is fluctuating in a narrow range between $0.72 and $0.78. Meanwhile, on November 30, the downtrend tested the 78.25% Fibonacci retracement level. The retracement suggests that the XRP price will fall to the Fibonacci extension level of 1.272 or $0.74.

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement of CoinIdol. Readers should do their own research before investing.

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