The price of Ripple (XRP) is losing $0.75 support as the altcoin plunges to a low of $66. The bears broke the support at $0.75, which held for the last two weeks. The bullish scenario is now moot as the altcoin comes under selling pressure once again.
The cryptocurrency is likely to fall further to the low of $0.60. However, it is likely that the downtrend will pause above the $0.68 support as the market resumes its downward movement.
If the altcoin pauses, the XRP price could rise back above the current support. The cryptocurrency could regain the previous high of $0.85. However, if the selling pressure drops below the $0.68 support, the altcoin will reach the low of $0.60. Meanwhile, XRP/USD is trading at $0.68 as of press time.
Ripple indicator analysis
Ripple is at level 43 of the Relative Strength Index for period 14. XRP has fallen into the downtrend area below the center line 50. This indicates that the cryptocurrency is capable of further upward movement. On the daily stochastic, the cryptocurrency is below the 20% area of the price indicator. It implies that the market has reached the oversold area. The selling pressure is likely to ease when the price reaches the low of $0.68.
Technical indicators:
Major Resistance Levels – $1.95 and $2.0
Major Support Levels – $0.80 and $0.60
What is the next move for Ripple?
XRP/USD has fallen to the low of $0.66 after the price dropped below the support level of $0.75. Bulls have bought the dips as the XRP price is above the $0.68 support. There are bullish candlesticks above the current support as the altcoin continues its uptrend. If XRP rises above the current support, the market will rally above the moving averages.
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
Source: https://coinidol.com/ripple-loses-0-75-support/