Today XRP corrected higher but failed to break the $0.83 high as price consolidated below the recent high. Ripple is still trading in the bullish trend zone as the altcoin is able to move higher. If buyers break above the $0.83 resistance, XRP could go as high as $1.00 or $1.07.
After that, the bullish momentum will extend to the high at $1.20 or $1.40. In the meantime, the altcoin is struggling below the recent high. Moreover, the cryptocurrency is approaching the overbought area of the market. Therefore, the bullish scenario is not viable as sellers will emerge in the overbought region. XRP/USD is fluctuating between $0.76 and $0.83 at the time of writing.
Ripple indicator analysis
The altcoin has reached level 66 on the Relative Strength Index for period 14. This indicates that the crypto is approaching the oversold area at level 70. Similarly, Ripple is above the 78% area of the daily stochastic. This indicates that XRP is in a bullish momentum. The XRP price is above the 21-day and the 50-day SMA, indicating further upside.
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?
According to the price indicator, the market will rise on the upside. Meanwhile, on August 8 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that Ripple is likely to rise to the Fibonacci extension of $ 1.618 or $0.92. Price action shows that buyers are struggling to break above the high at $0.83.
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.
