The price of Ripple (XRP) is still in a downtrend, but is making an upward correction to previous highs. Since August 28, XRP has been holding above the $0.32 support.
The current upward movement is bumping up against the high of $0.34 or the 21-day moving average line. This means that the cryptocurrency is trapped between $0.32 and $0.34 price levels.
Sellers might have the upper hand as the altcoin is trading in the bearish trend zone. Ripple is bearish as it faces rejection at the high of $0.34. The cryptocurrency asset will fall back to the previous low at $0.30 if selling pressure resumes and drops below the current support. However, if buyers break through the $0.34 resistance, the altcoin will rally above the moving average lines. The bullish momentum will extend to the resistance at $0.39. In the meantime, XRP has fallen back above $0.33 support.
Ripple is at level 42 of the Relative Strength Index for the period 14. The altcoin is moving back to the downside zone as it faces a rejection of the recent high. The price of the cryptocurrency is below the moving average lines, which suggests a further decline. The altcoin is above the 25% area of the daily stochastic. XRP was in an upward momentum, but the upward movement was terminated. The 21-day line SMA and the 50-day line SMA are sloping south, indicating a downtrend.
Key Resistance Zones: $0.40, $0.45, $0.50
Key Support Zones: $0.30, $0.25, $0.20
Ripple has made an upward move but faces rejection at the recent high. XRP is falling back to the lower price area. Meanwhile, on August 19, the downtrend has shown a retraced candle testing the 78.6% Fibonacci retracement level. The retracement suggests that XRP will fall to the 1.272 Fibonacci Extension or $0.31 level.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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