Ripple in Bearish Run, Faces another Rejection at $1.25

In the last bearish impulse, XRP fell and found support above $0.90 low. The bears retested the $0.90 support twice but could not continue the bearish run.

As bulls bought the dips, the XRP price corrected upward but the upward move stalled at the $1.25 resistance. The bulls have retested the recent high twice but could not find penetration above it. Ripple is now compelled to resume a range-bound move between $0.90 and $1.25. On the upside, if buyers break the $1.25 resistance, XRP will rally above $1.40 high. Ripple will resume upside momentum if buyers regain the $1.40 support. Conversely, XRP will further decline to $0.82 or $0.60 if the lower price range is breached. The altcoin is trading marginally at $1.14 at the time of writing.

Ripple indicator analysis

XRP/USD is at level 42 of the Relative Strength index period 14. It indicates that XRP is in the bearish trend zone and capable of falling on the downside. The crypto’s price is below the moving averages which increase the chances of further downward movement of prices.

Technical indicators:  

Major Resistance Levels – $1.95 and $2.0

Major Support Levels – $0.60 and $0.55

What is the next move for Ripple?

XRP upward move was terminated at the resistance of $1.25. Ripple may resume downward if buyers fail to breach the recent high. For the past three days, buyers and sellers are in price tussle between $0.90 and $1.25.Meanwhile, on May 19 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 the low of $0.29.  

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