Following the attainment of its peak price, Ripple is in a downward correction as the price fluctuates between $1.05 and $1.30. Today, XRP is falling as it hits the low of $1.12. The current decline was rejected at the high of $1.19
Sellers are pushing XRP to the previous low of $1.05, which has been the price action for the last three weeks. If price falls and retests support at $1.05, the bulls will buy the dips. This will cause the cryptocurrency to rise again and continue its uptrend. On the other hand, if the price breaks below the current support, XRP will fall to a low of $0.83. Meanwhile, XRP is trading at $1.12 at the time of writing.
The altcoin is at level 54 of the Relative Strength Index period 14. It is in the uptrend zone above the midline 50, suggesting that the market is likely to move higher. The cryptocurrency is above the 25% area on the daily stochastic. The bullish and bearish momentum is contradictory as the price action becomes marginal.
Major Resistance Levels - $1.95 and $2.0
Major Support Levels - $0.80 and $0.60
Ripple (XRP) has been in a downtrend. Selling pressure seems to have abated. Meanwhile, on August 25 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will fall but reverse at the 1.272 Fibonacci extension level or the 1.05 level. From the price action, XRP tested the Fibonacci level and moved back up on August 27.
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.