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.
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
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