The price of Ripple (XRP) has corrected upward to retest the $0.65 price level. It is likely that the cryptocurrency will face renewed selling pressure if it is rejected at the recent high. On June 22, the bears had earlier broken the previous low at $0.65.
This signals the resumption of selling pressure on the downside. The altcoin fell to a low of $0.53 and resumed its uptrend. XRP price corrected to the upside and retested the price level of $0.65. If buyers push XRP above the high of $0.65, the downtrend is likely to end. XRP/USD price will rise to retest the previous highs of $1.10 and $1.60. Currently, buyers are finding it difficult to break above the $0.65 price level. However, if Ripple faces rejection at the $0.65 high, the crypto is likely to fall to $0.33 low.
Ripple has risen to the 38 level on the Relative Strength Index for period 14. This indicates that XRP is still in the bearish trend zone. The 21-day and the 50-day SMA are sloping downwards, indicating the downtrend. The cryptocurrency is above the 25% area of the daily stochastic. This indicates that Altcoin is in a bullish momentum. The market has already risen to retest or break the $0.65 high.
Major Resistance Levels - $1.95 and $2.0
Major Support Levels - $0.80 and $0.60
Ripple is still in a downward correction. Buyers and sellers are wrestling with the $0.65 price level. Meanwhile, bears have broken the May 19 downtrend below the 21-day and 50-day SMAs. Also, a retraced candlestick tested the 61.8% Fibonacci retracement level. The retracement indicates that Ripple is likely to fall to the 1,618 Fibonacci extension level or $0.33 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.