Ripple Loses $0.24 Support as Price Makes Deeper Correction

Ripple  (XRP) price analysis, October 2, 2020. Finally, sellers overwhelm buyers as they fail to break the $0.248 resistance.

Ripple (XRP) Price Long-Term Forecast: Bearish

Sellers have taken control of price as they break the $0.24 support. The current downward move is unavoidable as price breaks the $0.24 support and retested the previous support. The selling pressure on Ripple coin is likely to extend to a low of $0.22. 

The downtrend is likely to resume after the $0.22 support is breached. The price will continue its fall to a low of $0.19 or $0.18. Nonetheless, as buyers lose the $0.24 support the bullish scenario has been invalidated. In other words, a breakout at the $0.26 price level is unattainable for now. Ripple is trading at $0.23152 at the time of writing on October 2. 2020.

Ripple (XRP) Indicator Analysis

The price bars are below the EMAs which indicates a further downward move. The XRP coin is falling as it faces rejection at the 12-day EMA. The stochastic bands are below the 50% range of the daily stochastic. This indicates that the crypto has bearish momentum.

Key Resistance Zones: $0.35, $0.40, $0.45

Key Support Zones: $0.25, $0.20, $0.15

What Is the Next Move for Ripple (XRP)?

Ripple is now in a downward move. On September 23 downtrend; the green retraced candle body tested the 50% Fibonacci retracement level. This indicates that Ripple will fall to the 2.0 Fibonacci extension level. That is a low of $0.1815.

Disclaimer. This analysis and forecast are the personal opinions of the author and 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.

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