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Ripple fell and found support above $ 0.52. On November 24, XRP declined due to the presence of a long candle wick which suggested a downward movement of the coin.
Similarly, on November 26, a bearish candle showed a long tail. This implies that the coin is facing severe buying pressure at a lower price level. With the latest candlestick formation, the downtrend is assumed to have ended. Meanwhile, the altcoin is likely to resume sideways movement above the current support for a few days. Subsequently the market will resume the trend. Today, Ripple is trading at $ 0.556 at the time of writing.
Ripple indicator analysis
After the recent breakout, XRP fell and found support above the bullish trend line. The implication is that if the trendline remains unbroken, the upward momentum will resume. The coin will rise to repeat the test of previous highs. XRP is below the 80% Daily Stochastic range. This indicates that it has bearish momentum.
Key resistance zones: $ 0.35, $ 0.40, $ 0.45
Key Support Zones: $ 0.25, $ 0.20, $ 0.15
What’s the next move for Ripple?
Meanwhile, Ripple fell to $ 0.52 but climbed to a high of $ 0.55. The Fibonacci instrument indicated a further downward movement of the coin. On November 26 a bearish trend, the body of a retraced candle tested the 78.6% Fibonacci retracement level. This retracement indicates that Ripple will fall and reverse at the Fibonacci 1.272 extension level. This is the market will hit the low of $ 0.36 and reverse. From the price action, the market appears to have reversed.
Disclaimer. This analysis and prediction are the author’s personal opinions which are not a recommendation to buy or sell cryptocurrency and should not be seen as an endorsement by CoinIdol. Readers should do their own research before investing the funds.
