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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.
Ripple (XRP) price long-term forecast: bearish
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 (XRP) indicator analysis
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.
Technical Indicators:
Key resistance levels - $1.95 and $2.0
Key support levels - $0.80 and $0.60
What is the next move for Ripple (XRP)?
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