The price of Ripple (XRP) rallied from support at $0.68 as the cryptocurrency returned to previous highs. At the time of writing, XRP reached a high of $0.79. The altcoin has a tough task ahead to break into the uptrend zone.
Bears sold off on the recent rallies as the market reached a high of $0.79. Ripple is on the retreat again after the recent rejection. The market is expected to fall above the support at $0.75. XRP/USD will start a new uptrend if the support at $0.75 holds. Ripple will then rise to the high of $0.88. On the other hand, if XRP falls back and breaks below the $0.75 support, the altcoin will return to its previous low at $0.68. At the time of writing, XRP/USD has fallen back to $0.76.
Ripple has fallen to the 49th level of the Relative Strength Index for the 14 period. It indicates that there is a balance between supply and demand. The price of the cryptocurrency is below the moving averages, which indicates a further decline of the altcoin. XRP has fallen below the 80% range of the daily stochastic. This indicates that the market is in the overbought region. It has also reached bullish exhaustion. Sellers will appear in the overbought region.
Key resistance levels - $1.95 and $2.0
Key support levels - $0.80 and $0.60
XRP/USD has resumed its uptrend but faces initial resistance at the high of $0.79. The uptrend is resumed after a small resistance. Meanwhile, a downtrend was recorded on April 15; a declining candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that XRP will rise but reverses at the 1.272 Fibonacci extension level or $0.82.
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