Ripple sinks and could break support at $0.75124 in the short term. The pair continues losing ground. It has been mainly on a downtrend for the last eight trading sessions, with minor pullbacks on two occasions.
The pair could continue falling in the short term as the relative strength index is at 40%; this will allow the pair to go down, possibly to the 78.6% Fibonacci retracement. Once it reaches this level, it could bounce, or we could have a breakout on the support level. We believe that the pair is most likely to find support as it previously did at $0.78127.
The Bollinger bands are slightly opening, and we could see higher volatility in the subsequent few sessions. The price continues trading below the short-and long-term moving averages, indicating that the downtrend is expected to continue.
If the pair’s RSI goes to 30% before the price breaks one of the support levels, we could see a boost in the price as traders will be buying low, bringing a higher demand for the asset.
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