The price of Ripple (XRP) is in a downtrend after rejecting the high at $0.73. The recent uptrend to the high at $0.73 allows the bulls to rally above the previous low at $0.65. However, the uptrend has ended.
It is unlikely that Ripple will regain the previous highs of $0.96 and $1.10. If the bears break the previous low at $0.65 to the downside, selling pressure will resume.
The market will first drop to $0.59 and later to $0.31. Meanwhile, Ripple has fallen to support above $0.65. The bears are likely to break the support and later break the next support at $0.51. There are signs that selling pressure will extend to the low at $0.31. Ripple is now trading at $0.6470 at the time of writing.
The market has fallen to the 40 level on the Relative Strength Index for period 14. Ripple is still in the bearish trend zone and is capable of falling lower. The 21-day and the 50-day SMA are sloping downward, indicating the downtrend. The 21-day SMA crosses above the 50-day SMA, which is a bearish signal. XRP is below the 60% area of the daily stochastic. The market is in a bearish momentum.
Major Resistance Levels - $1.95 and $2.0
Major Support Levels - $0.80 and $0.60
The downward movement of Ripple has started again after the rejection at $0.73. Meanwhile, on May 19 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ripple is likely to fall to the 1.618 Fibonacci extension level or $0.31 level.
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