The price of Ripple (XRP) is in a downtrend as the bears try to drop below the $0.68 support.
On April 25, the bears broke below support and dropped to a low of $0.62, but the bulls immediately bought the dips as the price moved back up. The altcoin rose above the current support.
Today, the bears are making another attempt to push XRP below the current support. If the bears manage to break the current support, XRP/USD will fall to the lows of either $0.59 or $0.54.
On the other hand, if the altcoin holds above the current support, XRP will rally to the high of $0.80. However, if the cryptocurrency price rises above the moving averages, Ripple will continue to climb to the previous high of $0.90.
Ripple has fallen to the 35 level of the Relative Strength Index for the 14 period. XRP is approaching the oversold zone of the market. The price of the cryptocurrency is above the historical price level of $0.68. The altcoin is below the 20% range of the daily stochastic. This indicates that the selling pressure is reaching bearish exhaustion. The 21-day line SMA and the 50-day line SMA are sloping downward, indicating a downtrend.
Key resistance levels - $1.95 and $2.0
Key support levels - $0.80 and $0.60
XRP/USD is in a downtrend as the altcoin faces rejection twice at the $0.80 high. The price indicator points to further downward movement of the cryptocurrency. Meanwhile, on April 11, the downtrend; a retraced candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that XRP will fall to the level of 1.618 Fibonacci extension or $0.56.
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