Ripple Sees Gradual Decline after Rejection at $0.369 High

Ripple Sees Gradual Decline after Rejection at $0.369 High

January 28, 2021

Today, the bulls buy the dips as sellers attempt to sink XRP below $0.245. XRP has managed to rise above $0.26 support as it faces resistance at the 21-day SMA.

In the previous price action, sellers were formally defending the $0.28 resistance when XRP was range-bound between $0.26 and $0.28. Ripple was range-bound for a week before the bears broke below the $0.26 support and subsequently, the price further declined to $0.24 support. 

Now as the coin rebounded, the XRP price has fallen into the previous range-bound zone. There is a possibility of retesting the $0.28 resistance. In the previous price action, the bulls could not break the $0.28 resistance. However, buyers will attempt to push XRP above $0.28 resistance. A breakout will catapult the coin to rally to a $0.38 high. Otherwise, XRP will be range-bound for a few days.

Ripple indicator analysis 

XRP is at level 40 of the Relative Strength Index period 14. It indicates that the coin is in the bearish trend zone and may further decline. The price action is characterized by small body candlesticks called Doji and Spinning tops. These describe the indecision of market participants.

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?

Ripple is still on a downward move. The Fibonacci tool has indicated a possible downward move of the coin. On January 23 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that Ripple will fall to level 1.272 Fibonacci extension and reverse. 

Disclaimer. This analysis and forecast are the personal opinions of the author that 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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