Ripple (XRP) reached a low of $0.24 as the price made a retest. The coin may likely fall to the previous low of September.
Ripple (XRP) Price Long-Term Forecast: Bearish
XRP fell to a low of $0.24 over the last 48 hours as earlier suggested. However, the bulls defended the support level as price corrected upward. The market corrected upward and made a retest at the previous resistance at $0.26. Today, XRP is back and it is trading at the support of $0.24.
Nevertheless, because of the retest at the resistance of $0.26, XRP may fall to a low of $0.22. Therefore, if the market breaks at this level, XRP will find support at the previous low. There are possibilities that the support at $0.24 may hold. If it does, XRP will commence a sideways move between the levels of $0.24 and $0.31.
Ripple (XRP) Indicator Analysis
The RSI period 14 level 37 is indicating that XRP is approaching the oversold region of the market. The price will continue its fall until it reaches the level below 30. When the price is below level 30, the selling pressure may be exhausted.
What Is the Next Direction for Ripple (XRP)?
The pair is likely to continue to fall to a low of $0.22 because of the price action at the resistance of $0.26. Another reason is that the price is yet to reach the oversold region of the market. Nevertheless, if the coin reaches a low of $0.22, it may bounce.
Key Supply Zones: $0.35, $0.40, $0.45
Key Demand zones: $0.25, $0.20, $0.15
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 by CoinIdol. Readers should do their own research before investing funds.
coinidol.com By Coin Idol , 2019-11-21 13:35:00 ,