The price of Ripple (XRP) is struggling to break above $0.65 resistance. Recently, the bears broke the previous low at $0.65 as the price hit a new low of $0.51.
Last week, Ripple tried to correct upwards but could not hold above the previous price level. The bottom line is that if the price doesn’t break above the previous high, selling pressure will resume. Assuming the bears break support at $0.51, the market will continue to drop to $0.45 or $0.33. Nonetheless, today, the XRP price is still correcting upwards.
If buyers push XRP above the $0.65 resistance and the uptrend continues, Ripple will regain the previous highs of $0.96 and $1.10. However, the downtrend will resume if the cryptocurrency is pushed off the high at $0.65. In the May 19 downtrend, a retracement candlestick tested the 61.8 Fibonacci retracement level. The retracement indicates that Ripple will continue to fall to the 1.618 Fibonacci extension level or the $0.33 level.
Ripple indicator analysis
Ripple has risen to the level 40 of the Relative Strength Index of the period 14. Ripple is still in the bearish trend zone and is vulnerable to further downside. The 21-day and 50-day SMAs are sloping downward, indicating the downtrend. The cryptocurrency value is above the 80% area of the daily stochastic. This indicates that the altcoin is in the overbought region of the market. This is an indication of a possible downward movement of the coin. The present upward correction is likely to face rejection.
Technical indicators:
Major Resistance Levels – $1.95 and $2.0
Major Support Levels – $0.80 and $0.60
What is the next move for Ripple?
Ripple is still in a downtrend zone and is in a position to fall. On the 4-hour chart, XRP/USD is in a downtrend. Meanwhile, on June 22 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ripple is likely to fall to the 1.618 Fibonacci extension level or $0.29 level.
Disclaimer. This analysis and forecast are the personal opinions of the author are 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.
