Following the August 1 rally, the price of Ripple (XRP) hit a high of $0.77 before being pushed back. The altcoin has been forced to move sideways between $0.70 and $0.76.
Over the past 48 hours, Ripple’s upward movement has been capped below the $0.74 resistance. On August 4 and 5, buyers attempted to push XRP above the $0.74 high but were rebuffed.
The altcoin is falling and approaching the previous low at $0.69. However, if the bears break the previous low at $0.69, XRP will fall further to $0.59. On the other hand, if the bears fail to break the support at $0.69, the altcoin will continue its move between $0.69 and $0.74. In the meantime, XRP is trading at $0.73 at the time of writing.
Ripple indicator analysis
XRP/USD is at level 52 on the Relative Strength Index for period 14, indicating that the cryptocurrency is in the uptrend zone and above the mid-50s line. XRP price is below the 21-day line and the 50-day line SMA, indicating further downward movement of the altcoin. Ripple is below the 80% area of daily stochastics. This suggests that XRP is in a bearish momentum.
Major Resistance Levels – $1.95 and $2.0
Major Support Levels – $0.80 and $0.60
What is the next move for Ripple?
The price of Ripple (XRP) is falling after rejecting the high at $0.74. Meanwhile, at the August 1 uptrend, a retraced candlestick body tested the 38.2% Fibonacci retracement level. The retracement suggests that Ripple is likely to rise to the 2.618 Fibonacci extension or the $ 0.59 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.
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