The price of Ripple (XRP) is in a downward correction, struggling below the high of $0.80.
Ripple (XRP) price long-term forecast: bearish
Since January 12, Ripple has been struggling to break above the high of $0.80. Today, the XRP price fell to the low of $0.76, from which it recovered. Had the bulls overcome the recent high, XRP would have risen to a high of $1.00.
However, a breakout above $1.00 would signal the resumption of the uptrend. Ripple will regain the previous high of $1.30. Meanwhile, XRP has fallen to the low of $0.76. The market will fall to the low of $0.57 if sellers break below the support of $0.76. The price level of $0.57 is the previous low of the price drop on December 4. Today, Ripple is trading at $0.77 as of press time.
Ripple (XRP) indicator analysis
Ripple is at level 43 of the Relative Strength Index for the period 14. The altcoin is trading in the downside zone as it struggles below the $0.80 resistance. Ripple is below the 40% range of the daily stochastic. The market is in bearish momentum as it faces rejection at $0.80. The downward correction will be over when the price bars above the moving averages.
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)?
Ripple is in an upward movement. The uptrend is slowed down by the resistance at $0.80. Meanwhile, the uptrend from January 12 has shown a candle body testing the 50% Fibonacci retracement level. The retracement suggests that the XRP price will rise to the level of the 2.0 Fibonacci extension or $0.89.
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
Source: https://coinidol.com/ripple-upward-but-struggles/