Ripple Hovers above $0.88 Support, Poises for Fresh Uptrend

Jun 15, 2021 at 11:45 // News
Coin Idol
Ripple might begin resumption of the upward move

Ripple (XRP) rebounded as the price broke above the moving averages. Today, the market is retracing to retest the 50-day SMA at the low of $0.87.

Ripple will begin resumption of the upward move if the price retests the 50-day SMA and remains above it. The bullish scenario will be invalidated if the price breaks below the moving averages, XRP has been in downward correction as price breaks below the moving averages. The crypto tends to rise when price bars are above the moving averages. XRP/USD is trading at $0.88 at the time of writing. Buyers will have to push XRP above $1.20 to be out of the bearish trend zone. On the 4-hour chart, if the 50-day SMA support holds, XRP will rise to $0.98 high.

Ripple indicator analysis

Ripple price bars are below the 21-day and the 50-day SMAs which suggest that the crypto is in the bearish trend. The crypto is still at level 43 of the Relative Strength Index period 14. It indicates that the market is in the downtrend zone and below the centerline 50. It is also below the 80% range of the daily stochastic. XRP has bearish momentum.

XRP - COINIDOL (3).png

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 price has broken above 21-day and 50-day SMAs. Ripple will rise if the current support holds. On June 14 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ripple is likely to rise to level 1.618 Fibonacci extension or level $0.94

XRP - COINIDOL2 chart.png

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 

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