Ripple Faces Rejection at a Recent Rally as It Revisits the $0.30 Low

Updated:

Ripple – It Revisits the $0.30 Low

Technical indicators:
Major Resistance Levels – $2.00, $2.50, $3.00
Major Support Levels – $1.50, $1.00, $0.50

Ripple (XRP) Long-Term Analysis: Bearish
Ripple’s (XRP) price is in a downtrend as it revisits the $0.30 low.The bulls have earlier failed to breach the 50-day line SMA on June 24. The altcoin has been declining for the past three days. The bears have broken below the 21-day line SMA as they revisit the $0.30 support. The selling pressure is likely to be accelerated as they revisit the previous low at $0.30. Since June 13, the $0.30 support has been holding as bears attempt to break the current support. In the meantime, the altcoin has fallen to the low of $0.32.

Ripple Faces Rejection at a Recent Rally as It Revisits the $0.30 Low
XRP/USD – Daily Chart

Ripple (XRP) Indicator Analysis
Ripple has fallen to level 46 of the Relative Strength Index for period 14. The altcoin is in the bearish trend zone and may decline. XRP price is between the moving average lines indicating a possible range-bound move. XRP is below the 80% range of the daily stochastic. The crypto is in a bearish momentum. Ripple is likely to decline as it reaches the overbought region. The moving averages are pointing southward indicating a downtrend.

What Is the Next Direction for Ripple (XRP)?
Ripple is declining as it revisits the $0.30 low. The coin will retrace to $0.30 support before further selling pressure. Meanwhile, on May 12, downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that XRP will fall to level 1.272 Fibonacci Extension or level $0.25.

Ripple Faces Rejection at a Recent Rally as It Revisits the $0.30 Low
XRP/USD – Daily Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.