Ripple Slumps to $0.82, Resumes Consolidation above It

Ripple's (XRP) price has fallen to the support above $0.82. In the first instance, buyers intended to push XRP to the previous highs but were stopped at a lower high of $0.93 on June 14.

Immediately, XRP declined to a $0.82 low. A similar rejection occurred on June 9 at the same price level while the altcoin was making an upward correction. 

If XRP has broken above $0.93 resistance in the two previous corrections, the market will rise to retest the resistance at $1.10. Nonetheless, if the bulls overcome the $1.10 resistance, Ripple will resume upside momentum. In the meantime, sellers have the upper hand as the crypto dropped to the previous low at $0.82. XRP/USD is likely to be range-bound between $0.82 and $1.10 if these levels remain unbroken.

Ripple indicator analysis

Ripple is at level 41 of the Relative Strength Index period 14. It indicates that the market is in the downtrend zone and below the centerline 50. The RSI appears to be sloping horizontally below the centerline 50. The 21-day and the 50-day SMAs are sloping downward indicating the downtrend.

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. On the 4 hour chart, XRP price was making a series of lower highs and lower lows. XRP appears to have reached bearish exhaustion. 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 $0.8235. From the price action, XRP is consolidating above the 1.618 Fibonacci extension.

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