The cryptocurrency continues losing ground and the price tested the support level at $0.65811 on our 23.6% Fibonacci retracement. With fundamental factors affecting markets around the world, XRP fell all the way to $0.62184 but managed to recover ground and the breakout was not completed. The downward trend continues since February 10th and the pair could fall to the Fibonacci retracement once again in the upcoming sessions.
The Bollinger bands are slightly shrinking which would likely not affect volatility a lot, the pair trades closer to the lower band, suggesting that the price is getting closer to being considered relatively low, the support level could stop the bleeding in upcoming sessions and we might see a recovery soon after.
The relative strength index is at 41% which will allow the pair to continue falling in the short term, once it gets closer to the oversold status we might see a recovery. Our parabolic SAR indicator suggests that the price will continue falling in the short term.
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