The price of Ripple (XRP) is in a downtrend while the cryptocurrency is making an upward correction.
The altcoin fell below the moving averages but took an upward correction to the high of $0.79. Buyers could not hold the bullish momentum above the $0.80 resistance zone. On the upside, XRP would have risen to the previous high of $0.90 had the bulls risen above the moving averages.
Nevertheless, XRP has come under selling pressure once again and has regained the previous low at $0.75. If the bears break the support at $0.75 to the downside, the market will continue to fall to the lows of $0.67 or $0.62. On the other hand, if the support at $0.75 holds, XRP will be forced into a trading range between the $0.75 and $0.80 levels. XRP/USD is trading at $0.76 at the time of writing.
XRP price bars are below the moving averages, which makes it vulnerable to a downside decline. Ripple has fallen to level 48 on the Relative Strength Index for period 14. This indicates that the altcoin is in the downtrend zone and below the 50 midline. XRP has fallen below the 80% area of the daily stochastic. The altcoin is in a downtrend as it resumes its bearish momentum.
Key resistance levels - $1.95 and $2.0
Key support levels - $0.80 and $0.60
XRP/USD has continued its downward movement and faces another rejection at higher price levels. Meanwhile, the March 31 downtrend has shown a candle body testing the 50% Fibonacci retracement level. The retracement suggests that XRP will fall to the 2.0 Fibonacci extension level or $0.67.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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