The price of Ripple (XRP) is in a downtrend as the cryptocurrency has fallen to a low of $0.68. The current price decline has reached bearish exhaustion while bulls are buying the dips.
Today, XRP is in an upward correction as the market has reached the high of $0.70. The current support is the historical price level from February 2022. In February and March, the current price level was held as the altcoin moved back up. If the XRP price rises back above the current support today, the cryptocurrency will reach the next resistance at $0.80. However, if buyers lose the current support at $0.68, the market will drop further to $0.54. XRP/USD is trading above the current support at $0.70 at the time of writing.
Ripple has fallen to the 35 level of the Relative Strength Index for the 14 period. The altcoin is approaching the oversold area of the market. Likewise, XRP has fallen below the 20% area of the daily stochastic. This indicates that selling pressure has reached bearish exhaustion. Buyers will emerge in the oversold region of the market.
Key resistance levels - $1.95 and $2.0
Key support levels - $0.80 and $0.60
XRP/USD has fallen into the oversold zone of the market. Buyers are trying to push the altcoin higher. Meanwhile, a downtrend has started on March 31; a retracement candlestick has tested the 61.8% Fibonacci retracement level. The retracement suggests that XRP will fall to the 1.618 Fibonacci extension level, or $0.70.
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