Ripple Fluctuates Between $0.38 and $0.42 as Uptrend Resumption Is Imminent

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 indicator analysis

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. 

Technical indicators:  

Major Resistance Levels - $0.80 and $1.00

Major Support Levels - $0.60 and $0.40

What is the next move for Ripple?

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