Ripple Consolidates Above $1.00 Support as Bulls and Bears Reach a Period of Indecision

The price of Ripple (XRP) has continued its downward correction following a recent downward momentum. The price action was insignificant and is contained between the 21-day line SMA and the 50-day line SMA.

As such, the XRP price has risen only marginally from $1.07 to $1.10. The cryptocurrency price is above the support of the 50-day line SMA, while it is below the 21-day line SMA. Ripple will initiate the resumption of the uptrend if the price rises above the 21-day line SMA. XRP will rise and regain the previous high of $1.40. Likewise, the bears will resume selling pressure if the 50-day line SMA is broken. The cryptocurrency will then continue to fall to the lows of either $0.92 or $0.80. In the meantime, XRP/USD is consolidating above the 50-day SMA.

Ripple indicator analysis

The cryptocurrency is at the 48 level of the Relative Strength Index of period 14. The XRP price is still in the downtrend zone and can easily fall. The 25-day line SMA and the 50-day line SMA are up, indicating an uptrend. XRP is below the 50% area on the daily stochastic. This suggests that Ripple 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?

The XRP/USD price has continued its downward correction, fluctuating between the $1.00 and $1.15 levels, stagnating due to the presence of small-body candlesticks called doji and spinning tops. These candlesticks describe the indecision between buyers and sellers about the direction of the market.

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.