Today, XRP is in a downward move after the uptrend was repelled at the $0.50 resistance. However, after fluctuating above the $0.45 support, the price retested the $0.47 high and resumed the downtrend.
The bulls are currently defending the current support. There is a presence of candlesticks with long tails. This implies that there is strong buying pressure above the $0.45 support. Ripple will resume a range-bound movement between $0.45 and $0.50 if the current support holds. This is because the bulls are buying the dips while the bears sell at the recent high. On the upside, if the bulls break $0.50 resistance, the market will reach a high of $0.65.Ripple is trading at $0.459 at the time of writing.
Nevertheless, XRP is at level 62 of the Relative Strength Index period 14. It indicates the market is in an uptrend zone and the price has limited room to rally on the upside. The crypto currency is below the 80% range of the daily stochastic. It indicates that the price is in bearish momentum.
Major Resistance Levels – $0.50 and $0.55
Major Support Levels – $0.35 and $0.30
Ripple has fallen above $0. 45 support. It will resume a range-bound movement if buyers fail to break the $0.50 resistance. The direction of the market is unclear as it is characterized by indecisive small body candlesticks.
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.