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On November 24, Ripple hit a high of $ 0.78 but returned to a low of $ 0.78. The altcoin is repeating the price action of September 17, 2018. In that price action, the cryptocurrency rose to $ 0.79.
At the moment, buyers could not continue with the upward movement as vertical rallies are not sustainable. In addition, the long wick of November 24 suggests strong selling pressure at higher price levels. The coin has already dropped to a low of $ 0.52 at the time of writing. However, there are bullish signs as buyers attempt to hold the current support at $ 0.52. The bullish momentum will resume if the current support holds. The downtrend will resume if the support fails to hold. In other words, Ripple will drop further to $ 0.40.
Ripple indicator analysis
The altcoin fell in support of the trend line. On the downside, if the price breaks below the trend line, the selling pressure will resume. Furthermore, the bullish trend could be stopped. Meanwhile, the coin fell to the 65 period 14 level of the relative strength index. XRP was previously in the overbought region of the market. Indicates that XRP is in the uptrend zone and above the center line.
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?
Ripple is moving downwards. At the moment, the coin has dropped to a low of $ 0.52. Should the price break out of the $ 0.52 support, the Fibonacci instrument analysis is likely to hold. On November 24 downward trend; XRP was rejected at a maximum of $ 0.78. The retracement candle body tested the 38.2% Fibonacci retracement level. This implies that the coin will fall and reach the 2,618 Fibonacci level or the low of $ 0.402.
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.
