Ripple Hits $0.31 Low, But May Fall Further

Ripple (XRP) price has been falling steadily after reaching the 21-day line SMA.

Long-term forecast for the Ripple price: bearish

At the last price action, the cryptocurrency asset was hovering between $0.31 and $0.40. Since the price collapse on December 19, the upward movement has been hindered by the moving average lines. Currently, the price movement is limited between $0.31 and $0.37. Today, XRP dropped to the low of $0.33 while approaching the current support at $0.31. The current decline could extend to the low of $0.31. Nevertheless, XRP has been trading above the current support since June 2022. The cryptocurrency will continue its uptrend if it holds above the current support. The market will rise and regain the previous high of $0.40. However, if sellers break the current support, the altcoin will fall to the low of $0.19.

Ripple indicator analysis

XRP has fallen to the 38 level of the Relative Strength Index for the 14 period. The altcoin is in the downtrend zone and could fall further. The decline will continue as the price bars are below the moving average lines. The altcoin is in a bearish momentum below the 25 level of the daily stochastic.

Technical indicators 

Key resistance levels – $0.80 and $1.00

Key support levels – $0.40 and $0.20

What is the next move for Ripple?

Ripple (XRP) has resumed selling pressure as it was rejected at the 21-day line SMA. In addition, upside moves were limited by the moving average lines as the altcoin retreated. On the downside on November 9, XRP corrected upwards and a candlestick tested the 61.8% Fibonacci retracement level. The correction means that XRP will fall to the 1.618 Fibonacci extension level or $0.19.

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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