The price of Ripple (XRP) has had an impressive bull market as it peaked at $1.34. Today, XRP is falling as buyers fail to sustain the bullish momentum above the recent high.
Over the past three days, XRP has consolidated below the $1.34 high for a potential breakout. However, the bears have the upper hand as the cryptocurrency resumes its downward movement.
The current selling pressure is likely to extend to the low of $1.02. Ripple's downward movement is due to the fact that the market has been overbought for the past three days. The current downtrend could ease above the $1.02 support. If it does, the uptrend will continue to the upside. This would allow buyers to retest or break through the $1.34 resistance level. However, if the $1.02 support fails to hold, selling pressure will resume. In the meantime, XRP has fallen to $1.17 at the time of writing.
The altcoin is bearish and approaching the support line of the ascending channel. The market will fall if the support line is broken. Ripple has fallen to the 71 level of the Relative Strength Index of the period 14. It is still trading in the overbought region of the market. The market is likely to fall further.
Major Resistance Levels - $1.95 and $2.0
Major Support Levels - $0.80 and $0.60
Ripple is likely to fall as it faces a rejection of the $1.34 high. The altcoin has fallen sharply as the price has dropped below the moving averages. Meanwhile, on August 15 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement suggests that XRP will fall to the 2.618 Fibonacci extension level or the $1.02 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