The price of Ripple (XRP) is in a downward correction, struggling below the high of $0.80.
Since January 12, Ripple has been struggling to break above the high of $0.80. Today, the XRP price fell to the low of $0.76, from which it recovered. Had the bulls overcome the recent high, XRP would have risen to a high of $1.00.
However, a breakout above $1.00 would signal the resumption of the uptrend. Ripple will regain the previous high of $1.30. Meanwhile, XRP has fallen to the low of $0.76. The market will fall to the low of $0.57 if sellers break below the support of $0.76. The price level of $0.57 is the previous low of the price drop on December 4. Today, Ripple is trading at $0.77 as of press time.
Ripple is at level 43 of the Relative Strength Index for the period 14. The altcoin is trading in the downside zone as it struggles below the $0.80 resistance. Ripple is below the 40% range of the daily stochastic. The market is in bearish momentum as it faces rejection at $0.80. The downward correction will be over when the price bars above the moving averages.
Key resistance levels - $1.95 and $2.0
Key support levels - $0.80 and $0.60
Ripple is in an upward movement. The uptrend is slowed down by the resistance at $0.80. Meanwhile, the uptrend from January 12 has shown a candle body testing the 50% Fibonacci retracement level. The retracement suggests that the XRP price will rise to the level of the 2.0 Fibonacci extension or $0.89.
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