Ripple Price Breaks $0.65 Support, It May Trigger a New Selling Pressure

Ripple's (XRP) price has slumped to $0.57 at the time of writing. At the same time, the bulls buy the dips to resume upward but the selling pressure has overwhelmed the bullish move. This renewed selling pressure was caused by the crypto’s confinement in a range.

On June 8, XRP dropped to $0.78 and resumed a range-bound move between $0.78 and $0.90. After a week of price fluctuations, the bears broke below the $0.78 support. 

The XRP price pulled back and retested the $0.78 price level before resuming downward. The retest at the $0.78 price level confirms a renewed selling pressure. Today, the bears have broken the previous low of $0.65. On May 23 the bulls bought the dips at the same price level as the market resumed upward. Ripple has another chance of a possible rebound. If the crypto rebounds, XRP will rally to $1.10 high. However, the bears have broken this low; the market is likely to decline to either $0.39 or $0.36 low.

Ripple indicator analysis

Ripple is at level 31 of the Relative Strength Index period 14. It indicates that the market has reached the oversold region of the market. It also means that the selling pressure has been exhausted. The 21-day and the 50-day SMAs are sloping downward indicating the downtrend.

Technical indicators:  

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 in a downward move. On May 19 downtrend, the bears broke below the moving averages. Also, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ripple is likely to fall to level 1.618 Fibonacci extension or level $0.28.  

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