Ripple Fails to Sustain Above $0.76 Resistance, May Slip to $0.60 Low

On August 3, 2021, the price of Ripple (XRP) fell back after rejecting the high at $0.76.

Ripple (XRP) Price Long-Term Forecast: Bullish

Since July 28, buyers have retested the $0.76 resistance level to break above it. This has led to Ripple resuming its sideways movement below the overriding resistance. If the bulls had succeeded, Ripple would have risen to the high of $0.85. 

On August 2, Ripple was pushed back as the altcoin resumed its downward movement. XRP price is still above the moving averages. If the price breaks below the moving averages, selling pressure will increase. The downtrend will continue to the low of $0.60. However, if the XRP price declines and finds support above the moving averages, XRP will continue a new uptrend. 

Ripple (XRP) Indicator Analysis

XRP price has retraced above the 21-day and 50-day moving averages SMA. The upward movement will resume when the price bars above the 21-day line and the 50-day line SMA. The altcoin is at level 58 on the Relative Strength Index for period 14, indicating that the market still has room to move higher. Ripple is below the 40% area of the daily stochastic. XRP is in bearish momentum. The 21-day and 50-day SMAs are sloping downward, indicating a 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 (XRP)?

The price of Ripple (XRP) has resumed its downtrend. The Fibonacci tool has indicated another downward move for the cryptocurrency. Meanwhile, on the August 1 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement suggests that Ripple is likely to rise to the 2,618 Fibonacci Extension level or $0.59.

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