Ripple Struggles below $1.08 Resistance as Sellers Push Price to $1 Low

Sep 14, 2021 at 09:56 // News
Coin Idol
Ripple struggles below resistance

The price of Ripple (XRP) has been trading at $1.07 for the past two days. The upward movement was slowed down by resistance at the recent high. The uptrend is doubtful as the XRP price has a series of lower highs and lower lows.

Today, the XRP price is struggling below the resistance of $1.08. The cryptocurrency is trading in the overbought region of the market. There is a tendency for it to fall to the low of $1.04. The support at $1.04 has been the lower price area since the breakdown on September 7. If sellers break this support level, XRP/USD will fall into the downtrend zone and continue to trend lower. For example, the market will fall to the low of $0.95. On the other hand, if the buyers break the resistance at $1.08, the uptrend will resume. XRP will regain the previous highs of $1.15 and $1.25.

Ripple indicator analysis

Ripple is at level 46 of the Relative Strength Index of period 14, indicating that the altcoin is in the downward zone and can fall downwards. Currently, it is retesting an overbought area and a possible decline is likely. XRP is above the 40% area of the daily stochastic. This suggests that Ripple is in a bullish momentum.

XRPUSD chart.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?

The XRP/USD price is still moving between the levels of $1.00 and $1.15. At the level of $1.07, XRP is expected to reach the lower price range of $1.00. The downtrend will resume if the lower price range is broken and the bearish momentum continues. The current range bound move will resume if the current support holds. 

XRPUSD 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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