Ripple has lost 9.93% in the last two trading sessions, and it could fall even more as technical conditions are set for it. The pair has been trading between the $0.5756 and the $0.7314 range for almost 16 trading sessions.
The Bollinger bands are shrinking, which will lower volatility in the markets; this also indicates that the price is consolidating around the $0.6 level. The price trades closer to the lower band and will soon be considered relatively low.
The relative strength index is currently at 37%, which will allow the pair to continue falling in the short term until it goes below 30%, then traders might react and buy in the dip.
The short and long-term moving averages continue moving down, indicating that the trend is still downwards, the spread between the lines is increasing, we will likely see the price drop to the mid $0.55 levels soon. Still, it's unlikely that the pair will break the $0.50 support level.
Our parabolic SAR indicator suggests that the price will rebound in the following sessions.
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