Today, the price of Ripple (XRP) rallied after testing crucial support at $0.76. Ripple's price has been flat since the December 4 plunge.
In short, the XRP price has been fluctuating between $0.76 and $0.93. On December 4 breakdown, XRP/USD hit a low of $0.57, but buyers pushed the XRP price back to a high of $0.84. The cryptocurrency will resume its uptrend if bulls break through resistance at $0.93 and $1.10. If the buyers are successful, XRP will resume its upward momentum and retest the high at $1.30. Otherwise, the range will continue between $0.76 and $0.93.
Ripple is at level 33 on the Relative Strength Index for period 14, indicating that the altcoin is approaching the oversold area of the market. In other words, the selling pressure is gradually reaching bearish exhaustion. The moving averages of the 21-day and 50-day lines are sloping south, indicating a downtrend. These moving averages act as resistance to the downtrend. XRP/USD is below the 50% area of the Stochastic on the daily chart. The market is in a bearish momentum.
Major Resistance Levels - $1.95 and $2.0
Major Support Levels - $0.80 and $0.60
The price of Ripple (XRP) is in a downtrend. However, the downtrend has eased as the XRP price fluctuates above the current support. Over the past ten days, XRP/USD has held above $0.76. On November 28, the downtrend saw a retracement candlestick testing the 78.6% Fibonacci retracement level. The retracement suggests that the XRP price will fall but reverses at the 1.272 Fibonacci extension level or $0.76.
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.