Today, Ripple (XRP) saw a sudden price spike to a high of $1.25. Today's price action resembles a vertical rally that is not supported by any fundamentals. XRP price broke through the 21-day line SMA and attempted to reach the overriding resistance at $1.40.
The bullish momentum missed its target area and the price retreated into the range zone. Today's candlestick has a long wick. This indicates strong selling pressure at higher levels. XRP's upside is doubtful as bears continue to defend resistance zones. XRP/USD is likely to remain below the $1.12 resistance for a few more days. The cryptocurrency is in a downward correction after the recent breakdown.
The market has fallen to the 47 level of the Relative Strength Index of period 14. This indicates that Ripple is in a downtrend and is capable of falling to the downside. The cryptocurrency is trying to break out above the 21-day line SMA. The upward movement of the cryptocurrency will accelerate if the bulls break out above the 21-day line SMA. However, XRP is below the 40% range of the daily stochastic. This suggests that Ripple is in a bearish momentum.
Major Resistance Levels - $1.95 and $2.0
Major Support Levels - $0.80 and $0.60
XRP/USD is in a fluctuation range between the $1.00 and $1.12 levels, and the current price fluctuation is likely to continue in a price range. Ripple will resume the trend when the fluctuation range is broken. The altcoin is finding support above the 50-day line SMA.
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.