Ripple Retraces and Finds Support above $0.73, May Resume a Sideways Trend

The price of Ripple (XRP) has declined after rejecting the high of $0.90. The cryptocurrency price is posting a series of lower highs and lower lows, reaching the low of $0.73 at the time of writing.

However, if the cryptocurrency price holds above the 50-day moving average line, it means that the altcoin will be forced to move between the moving averages. However, if the price breaks below the 50-day moving average line, the downtrend will resume. XRP will retake the previous low at $0.62. On the other hand, if the price breaks above the 21-day moving average line, the uptrend will resume. Buyers will try to regain the previous highs of $0.90 and $1.00. Today, XRP is trying to hold above the $0.73 price level. If this succeeds, XRP/USD will move in a trading range again for a few days.

Ripple indicator analysis

Ripple has fallen to level 47 of the Relative Strength Index for the period 14. The cryptocurrency has fallen into the downtrend zone as the altcoin reaches the low of $0.73. XRP price has fallen between the moving averages, indicating the resumption of a sideways movement. Ripple is below the 50% range of the daily stochastic. The market is in a bearish momentum. 

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?

On the 4-hour chart, XRP has been in a downtrend after rejecting the high at $0.90. The downtrend has subsided as the altcoin fell to a low of $0.62 and recovered. In other words, the cryptocurrency reversed at the 1.618 Fibonacci extension or at $0.63. The cryptocurrency price is consolidating above the support at $0.73.

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