Ripple Consolidates Above $0.90 Support as Bulls Retest Recent Highs

Apr 09, 2021 at 11:02 // News
Coin Idol
Ripple found support above $0.90

Ripple is trading below its recent pick price of $1.10. On April 7, XRP made a pullback after rejection from the recent high of $1.10.

The altcoin found support above $0.90 and resumed a range-bound movement below the recent high. In other words, XRP is fluctuating between $0.90 and $1.10 price levels. Ripple uptrend will resume and a rally above $1.20 is expected if buyers breach the resistance at $1.10. 

Conversely, if the bears break the $0.90 support level, XRP will further decline to $0.60 low. Meanwhile, XRP has fallen and it is finding support above the 21-day SMA. Ripple will commence an upward move if price finds support above the moving average. In the meantime, XRP is falling as it faces rejection from the high of $1.10. XRP/USD is trading at $1.008 at the time of writing.

Ripple indicator analysis

XRP price is well above the moving averages which guarantee the upward movement of prices. As price tests the trend line, the uptrend will continue on the upside. However, if price breaks below the trend line, the price will resume on the downside. XRP is at level 69 of the Relative Strength Index period 14. It indicates that price is approaching the overbought region. The price will have limited room to rally on the upside.

XRPUSD - Coinidol.png

Technical indicators:  

Major Resistance Levels – $1.10 and $1.15

Major Support Levels – $0.60 and $0.55

What is the next move for Ripple?

Ripple is still fluctuating below the recent peak price of $1.10. According to the Fibonacci tool, there is a further upward movement of XRP price. Nevertheless, on April 6 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement gives the impression that XRP will rise to level 1.272 Fibonacci extensions or the high of $1.2647. There is a possibility of price reversing from the recent high.

XRPUSD - Coinidol 2 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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