The price of Ripple (XRP) is in a downward correction, but the altcoin is trading below the moving averages. The uptrend of XRP has been restricted below the moving averages. Moreover, the presence of doji candlesticks has caused the price movement to be insignificant.
After the upward correction on May 31, the XRP price reached the high of $0.43, but was pushed back. On June 3, the altcoin dropped to the low of $0.38 and consolidated back above the current support. Last week, XRP/USD traded in a narrow range between $0.38 and $0.42. If the market continues its consolidation, there is a chance that the price will rise again or break down. For example, in the event of a price collapse, the market would fall to a low of $0.25 after breaking the previous low of $0.33. At the time of writing, XRP is trading at $0.40.
Ripple is at level 43 of the Relative Strength Index for period 14. XRP is in a downtrend and fluctuates between the prices of $0.38 and $0.42. XRP's price bars are below the moving averages, indicating a further decline. XRP is below the 40% area of the daily stochastic. The market is in a bearish momentum.
Major Resistance Levels - $0.80 and $1.00
Major Support Levels - $0.60 and $0.40
Ripple is consolidating above the $0.38 support level with bullish candlesticks trying to break out above the 21-day line SMA. A price move above the current support will drive XRP to the previous highs. XRP price is fluctuating between $0.38 and $0.42 and does not show any trend yet.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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