Ripple (XRP) is falling as buyers find it increasingly difficult to sustain above the $1.10 resistance since June 1. The bulls were repelled twice before the eventual downward move. XRP is likely to fall to the previous low at $0.80.
The crypto suffered the same bearish consequences when it retested the resistance zone on May 26. The crypto fell to the low at $0.80 and resumed a fresh uptrend. Presently, the XRP/USD is falling and approaching the low of $0.94. If the crypto falls and finds support above $0.80, then it is assumed that XRP is likely to be a range-bound between $0.80 and $1.10 for a few more days. Conversely, if the bears break the $0.80 support, the market will further decline to a $0.60 low.
Ripple indicator analysis
The crypto is still at level 43 of the Relative Strength Index period 14. It indicates that the market is in the downtrend zone and below the centerline 50. The 21-day SMA is acting as a resistance to crypto. XRP has fallen below the 20% range of the daily stochastic. It indicates that the XRP price has fallen to the oversold region of the market. Buyers are likely to emerge.
Technical indicators:
Major Resistance Levels – $1.95 and $2.0
Major Support Levels – $0.60 and $0.55
What is the next move for Ripple?
Ripple has recovered from the previous downtrend. The price indicator has indicated an upward movement of prices. The current resistance at $1.10 has repelled the upward move of the XRP. Meanwhile, on May 25 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ripple is likely to rise to level 1.618 Fibonacci extension or level $1.30.
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.
