The price of Ripple (XRP) is in a downtrend as the price consolidates above the $0.62 support level.
The current price level was reached when the cryptocurrency fell into an oversold area of the market. For the last four days, the XRP price has held above the $0.62 support. The altcoin will rise and retest the $0.80 price level if the $0.62 support holds.
However, if XRP rises above the current support, the market will rally above the moving averages. This will push the altcoin to rise to the previous high of 0.90. On the other hand, if the bears break below the support at $0.62, XRP will first drop to the low at $0.59 before reaching the low at $0.54.
Ripple has fallen to level 31 on the Relative Strength Index for the 14 period. The cryptocurrency is now in the oversold region of the market. This means that the current price decline will weaken on the downside. Ripple has a bearish crossover. That is, the 21-day line SMA crosses below the 50-day line SMA, indicating a sell order. XRP is below the 20% range of the daily stochastic. This indicates that selling pressure has reached bearish exhaustion.
Key resistance levels - $1.95 and $2.0
Key support levels - $0.80 and $0.60
XRP/USD is still in a downtrend as the market consolidates and approaches the previous low at $0.59. Meanwhile, on April 11, the downtrend; a retracement candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that XRP will fall to the Fibonacci extension level of 1.618 or $0.54.
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. Readers should do their own research before investing