Ripple Bulls Overwhelmed by Bears as Price Revisits the Previous Low at $0.66

Jun 08, 2021 at 14:22 // News
Coin Idol
Ripple is consolidating above $0.83 support

Ripple (XRP) has fallen to the low at $0.83. XRP price is rising above the current support.

Previously, the altcoin was trading at $1.10 after its recovery from the previous downtrend. However, the recovery was short-lived as the price fell to $0.83 low. Presently, the altcoin is consolidating above $0.83 support. On the downside, if the price breaks below the current support, sellers are likely to push XRP to the $0.80 support level. 

Where the selling pressure persists, the market will further decline to $0.66 low. Meanwhile, Ripple is still trading above the $0.83 support. A rebound above this support will catapult the crypto back above $1.10. Subsequent moves will push the altcoin to the bullish trend zone. In the meantime, the bears are having the upper hand as the crypto resumes a downward move.

Ripple indicator analysis

The crypto is still at level 40 of the Relative Strength Index period 14. It indicates that the market is in the downtrend zone and capable of failing on the downside. XRP has bearish momentum as it is below the 20% range of the daily stochastic. Buyers are likely to emerge in the oversold region.

XRP - COINIDOL (2).png

Technical indicators:  

Major Resistance Levels – $1.95 and $2.0

Major Support Levels – $0.80 and $0.60

What is the next move for Ripple?

Ripple is in a downward move despite its recovery. Meanwhile, on June 4 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ripple is likely to fall to level 1.618 Fibonacci extension or level $0.81

XRP - COINIDOL 2 chart (1).png

Disclaimer. This analysis and forecast are the author’s personal opinions 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 

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