Ripple (XRP) Slumps to $0.50, May Resume Upward

Ripple (XRP) Slumps to $0.50, May Resume Upward

Key Resistance Levels: $0.65, $0.70, $0.75
Key Support Levels: $0.45, $0.40, $0.35

XRP/USD Long-term Trend: Bullish
Since February 13, buyers have retested the $0.65 resistance zone twice but could not find penetration above it. On each attempt, the price would fall to the $0.55 low. The price fell and found support above the 21-day SMA. On the upside, if the bulls succeed in pushing the price above the $0.65 resistance zone, the uptrend will resume. The altcoin will rise but will face initial resistance at $0.75.Subsequently, the bullish momentum will continue above the $1 high. However, if the bulls fail to overcome the initial resistance at $0.65, XRP will fluctuate between $0.50 ad $0.65.

XRP/USD – Daily Chart

Daily Chart Indicators Reading:
The crypto has a bullish crossover. The 21-day SMA crosses over the 50-day SMA which signals a buy order. The coin is above the 60% range of the daily stochastic. This indicates that the coin is in the bullish momentum

XRP/USD Medium-term Trend: Bullish
On the 4 hour chart, the coin is in a smooth uptrend. On February 13 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that XRP will fall to level 1.618 Fibonacci extensions. That is the low of $0.48.

XRP/USD – 2 Hour Chart

2-hour Chart Indicators Reading
Ripple is below the 40% range of the daily stochastic. It means that the coin is in a bearish momentum. However, this is contrary to price action which is indicating bullish signals. Nonetheless, if the bulls break the downtrend and close above it, Ripple will resume the uptrend.

General Outlook for Ripple (XRP)
Ripple has been retracing but will resume upward if finds support above $0.48. The coin is in a bearish momentum.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.