The price of the Ripple coin (XRP) is falling after reaching a high of $0.73.
The uptrend ended as buyers failed to sustain the positive momentum above the $0.74 mark. Moreover, XRP has reached the overbought zone of the market.
The bullish scenario suggests that XRP will resume its uptrend if it rises above the support at $0.61 or the moving average lines. The altcoin will continue to rise and retest its previous high of $0.74. However, if the bears break below the moving average lines or the $0.61 support, the current rise will come to an end.
The bearish scenario is that the downtrend will continue until the price reaches the $0.61 low. The cryptocurrency will then fall back to the range between $0.45 and $0.55.
On the 4-hour chart, XRP has fallen below the moving average lines, indicating that the cryptocurrency will continue to fall. On the daily chart, the price bars are above the moving average lines, indicating that the cryptocurrency will continue to rise . The candle from November 9 has a long tail, indicating that the existing support is under strong buying pressure.
Key resistance levels – $0.80 and $1.00
Key support levels – $0.40 and $0.20
XRP is currently trading at around $0.75 after the rejection. The altcoin will be range-bound if the selling pressure breaks above the $0.60 support. Currently, selling pressure has eased above the moving average lines, allowing buyers to recoup their losses.
In recent weeks, as reported by Coinidol.com, XRP has been moving below the recent high, trading at $0.61.
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.com. Readers should do their research before investing in funds.