Ripple’s (XRP) downside move appears to have subsided as price consolidates above $0.59 support. Bears have retested $0.59 support on three occasions, while bulls have bought the dips. Crypto upside has been restricted below $0.62 resistance.
XRP price correction was repelled twice at the recent high. Last week, XRP/USD traded between $0.59 and $0.62. This week, if the range-bound levels remain unbroken, the XRP price will continue to fluctuate between $0.59 and $0.62.
Today, the altcoin is falling after testing $0.62 resistance. A break above the resistance would have catapulted the cryptocurrency to the high of $0.75. The bulls’ failure to break the recent resistance will force XRP to revisit the next support at $0.59. Nonetheless, the bulls defended this crucial support last week. Ripple’s chances of an upside move are good if the bulls defend the $0.59 support. However, if the bulls overcome the crucial support, XRP will drop low to $0.50.
Ripple indicator analysis
XRP has fallen to the 39 level on the Relative Strength Index for period 14. Ripple is still in the bearish trend zone but approaching the oversold region. The 21-day and 50-day SMAs are sloping downward, indicating a downtrend. Ripple is in bearish momentum below the 60% area of the daily stochastic.
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 range bound between the $0.59 and $0.62 price levels. The long candlestick tails suggest strong buying support above $0.59. Meanwhile, the candlestick body of the June 30 downtrend tested the 38.2% Fibonacci retracement level. The retracement suggests that Ripple is likely to fall to the 2.618 Fibonacci extension level or the $0.57 level. From the price action, XRP is fluctuating between $0.59 and $0.62.
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