The price of Ripple (XRP) is falling back to support at $0.62 after an impressive rally to a high of $0.68. The altcoin has earlier recovered above the $0.52 support to reach the previous highs.
Ripple had difficulties in breaking the $0.62 high. However, after two days of correction, the bulls overcame the resistance to reach the high of $0.68.
The market is bearish after buyers failed to sustain the bullish momentum above the high of $0.68. All indications are that Ripple will rally to $0.75 if buyers break the high at $0.68. A subsequent bullish move above $0.75 will propel the altcoin to the $1.0 high. Meanwhile, XRP is falling after resistance at the $0.68 high. The cryptocurrency has found support above the $0.62 low. Still, if buyers fail to break through the $0.68 resistance, Ripple will retest the previous low of $0.52 or $50. XRP/USD is trading at $0.625 at the time of writing.
XRP/USD is at level 48 on the Relative Strength Index for period 14, indicating that the market is still in the downtrend zone and below the mid-50s. Ripple is above the 20% area of the daily stochastic. The altcoin is in a bullish momentum. Buyers are likely to emerge in the overbought region. The 21-day and the 50-day SMAs are sloping downwards, indicating the downtrend.
Major Resistance Levels - $1.95 and $2.0
Major Support Levels - $0.80 and $0.60
The price of Ripple (XRP) is trying to resume upward momentum. Ripple will resume upside momentum when it extends above the $0.85 price level. Meanwhile, on July 26 downtrend, a retraced candlestick tested the 50% Fibonacci retracement level. The retracement suggests that Ripple is likely to fall to the 2.0 Fibonacci extension level or the $0.61 level. Ripple retested the 2.0 Fibonacci extension and moved back up.
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.