The price of Ripple (XRP) is falling back after hitting a new high of $1.41. At the time of writing, the cryptocurrency has fallen back to the low of $1.35. Should buyers succeed in pushing the altcoin above the recent high, XRP would have risen to $1.52.
Meanwhile, XRP/USD is falling as bulls fail to maintain bullish momentum above the recent high. The altcoin is likely to fall to support above the breakout level at $1.30. The $1.30 price level was the previous resistance before the recent breakout. The main trend will be back up if the price finds support above the recent low.
The market is at the 67 level of the Relative Strength Index of period 14. XRP will reach the overbought zone when the price reaches the 70 level of the RSI period 14. In other words, XRP is trading in the overbought region of the market. However, XRP is below the 80% area of the daily stochastic. This suggests that Ripple is in a bearish momentum.
Major Resistance Levels - $1.95 and $2.0
Major Support Levels - $0.80 and $0.60
Despite the retracement to the downside, Ripple is likely to resume the uptrend. In the meantime, the September 6 uptrend has a candlestick testing the 61.8% Fibonacci retracement level. The retracement suggests that the market will rise to the Fibonacci extension level of 1.618 or to the $1.52 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.