The price of Ripple (XRP) is retesting its previous high of $1.30, looking to break it. For the past 48 hours, XRP has been struggling below the $1.30 resistance.
In the price action, buyers were beaten back twice as the price continued to fluctuate below the resistance level. In previous price action, buyers faced a similar situation as the altcoin was pushed back and continued its downward correction for several days.
Can the bulls break the recent high? Buyers can break the recent high, but the bullish momentum might not be sustained above the recent high. On the upside, a break above resistance will see the altcoin rally above $1.35. However, selling pressure above the recent high could push the XRP price into the range-bound zone. This would signal a further downward correction.
The market has reached the 62 level of the Relative Strength Index of period 14. It is in the uptrend zone and above the midline 50. The cryptocurrency is above the 75% range of the daily stochastic. XRP is approaching the overbought area of the market. The altcoin is in a bullish momentum.
Major Resistance Levels - $1.95 and $2.0
Major Support Levels - $0.80 and $0.60
It is likely that Ripple (XRP) will continue its uptrend if the price crosses the high at $1.30. The altcoin will rise, but is encountering resistance at the recent high. Meanwhile, the September 2 uptrend has retraced a candlestick that tested the 78.6% Fibonacci retracement level. The retracement suggests that the market will rise but rebound at the Fibonacci extension of 1.272 or at 1.35.
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.