The price of Ripple (XRP) has been trading in a range that fluctuates between $0.57 and $0.63. Buyers have been trying harder than sellers to break the range, but without success.
Today, bulls face rejection as they try to break the $0.63 resistance level. Ripple falls after the rejection and could drop back to the lows of $0.57 or $0.58. If the bulls break the recent high, the market will rally to the highs of $0.75 or $0.80. In the meantime, XRP is falling steadily to the downside. If it falls and holds above the moving averages, the upward movement will resume. Selling pressure will continue if the price falls below the moving averages. The altcoin will regain the previous low and continue its upward movement.
Ripple is at level 35 of the Relative Strength Index for period 14. The altcoin is no longer in the oversold zone, but is consolidating above the support at $0.57. The cryptocurrency is trading in the downtrend zone and below the midline 50. Currently, Ripple is above the 80% area of the daily stochastic. Since it is in the overbought zone, it is likely to go down.
Major Resistance Levels - $1.95 and $2.0
Major Support Levels - $0.80 and $0.60
XRP/USD continues to move within its trading range as the altcoin fluctuates between $0.57 and $0.63. A trader moving within this range can trade against the sideways trend. Today, a trader can initiate a short order at the resistance zone. This order can be unwound near the support zone. If XRP is above the lower price zone, a long order can be initiated. This order can be closed near the resistance zone. Ripple has fluctuated in a range for the last two weeks.
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