Long-term price outlook for Ripple (XRP) is optimistic.
During the initial upswing, XRP surged to a zone of overbought at $0.55. Buyers were unable to sustain the bullish trend as sellers entered the overbought market segment. If the current support holds, XRP will commence a new upswing. A breakout above the high of $0.55 will propel XRP to the high of $0.82.
The XRP price is currently bouncing over the $0.45 support. If the price of the cryptocurrency falls below its current support or uptrend line, selling pressure will resume. The altcoin will continue to decline until it reaches $0.39.
Analysis of Ripple (XRP) Indicators
Relative Strength Index of 65 for the period 14 indicates that XRP is in the positive trend zone and may continue to increase. The price bars are positioned above the moving average lines, indicating a continuation of the uptrend. The altcoin’s daily stochastic is below the 40% range. This demonstrates the market’s bearish momentum.
Key resistance zones: $0.40, $0.45, $0.50
Key support zones: $0.30, $0.25, $0.20
What will happen next with Ripple (XRP)?
According to the 4-hour chart, Ripple’s price is anticipated to continue falling. The cryptocurrency has fallen below the 21-day simple moving average. The rising momentum is meeting resistance at the 21-day simple moving average line. This rejection may result in additional XRP decrease.
In the meantime, a retraced candle body tested the 61.8% Fibonacci retracement level on September 23. The retracement indicates that XRP will decline to the Fibonacci extension level of 1.618, or the peak of $0.39.
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.