Ripple Fails to Sustain Recent Rallies above $0.73, May Slide to $0.59 Low
Ripple (XRP) is correcting higher as the market hits the high of $0.67. On June 22, the bears broke below the previous low at $0.65, which led to the crypto reaching the low of 0.51.
The bulls bought the dips to push the altcoin back above the previous low. Buyers are still struggling to maintain bullish momentum above initial resistance at $0.67. Ripple is poised to rise high to $1.10 if initial resistance is broken.
However, if XRP encounters rejection at $0.67, the market will fall to support at $0.51. Selling pressure may continue if support at $0.51 breaks. Meanwhile, on May 23 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that Ripple will continue to fall to the 1,272 Fibonacci Extension level or the $0.35 level. From the price action, XRP is still struggling below $0.67.
Ripple indicator analysis
XRP is at level 43 of the Relative Strength Index of period 14. Ripple is still in the downtrend zone and below the middle line. The cryptocurrency is above the 25% area of the daily stochastic. The market is in a bullish momentum. The 21-day and the 50-day SMAs are sloping downward, indicating the downtrend.
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?
It is likely that Ripple will fall as it could face rejection at the recent high. Meanwhile, on the June 30 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ripple is likely to fall to the 2.0 Fibonacci extension level 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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