Ripple Consolidates Above $1.35 Support as Sellers Push to the Downside

May 11, 2021 at 12:00 // News
Coin Idol
The bulls bought the dips and catapulted XRP to resume an upward move

Today, Ripple rebounded above $1.37 support as the altcoin resumed a fresh uptrend. The market has risen to a $1.45 high at the time of writing.

Before the rebound and subsequent upward move, XRP has been falling since May 6. On May 6, Ripple was resisted at the high of $1.76 as the altcoin declined to $1.22 low. The bulls bought the dips and catapulted XRP to resume an upward move. 

In the previous price action on May 4, the altcoin fell to the low of $1.34 and rebounded above the current support. The bullish momentum reached a high of $1.76. Similarly, the current price is likely to rise to retest or break the resistance at $1.76. Nevertheless, if the resistance at $1.76 is breached, the bullish momentum is likely to retest the $1.96 overhead resistance. XRP/USD will resume the second round of uptrend if the bulls break the $1.96 overhead resistance.

Ripple indicator analysis

Ripple is below 80% range of the daily stochastic. It indicates that the XRP is in bearish momentum. Sellers have emerged to push prices down. XRP price is above the 21-day and the 50-day SMA. Presently a bullish candlestick is above the 21-day SMA support. It indicates a possible upward movement of prices.


Technical indicators:  

Major Resistance Levels – $1.95 and $2.0

Major Support Levels – $0.60 and $0.55

What is the next move for Ripple?

Ripple has resumed an upward move after the recent retracement. The altcoin is rising above the 21-day support. The Fibonacci tool analysis has remained the same as the altcoin trades marginally. Meanwhile, on April 14 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Ripple is likely to rise to level 2.618 Fibonacci extension or the high of $4.24. From the price action, XRP is trading at $1.44 at the time of writing.


Disclaimer. This analysis and forecast are the personal opinions of the author and 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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