The price of Ripple (XRP) continues to move in the bullish trend zone despite the recent decline.
On March 11, XRP rose back above the $0.72 support as the altcoin climbed to a high of $0.80. The bulls failed to sustain the bullish momentum to the previous highs. Consequently, XRP fell back to the support above $0.75 and the moving averages.
Today, XRP/USD is trading at $0.76 as of press time. As the cryptocurrency finds support above the moving averages, there is a tendency for further upside. If the bulls overcome the high at $0.80, XRP will rise above the resistance at $0.90. The cryptocurrency will now rise and retest the resistance at $1.00. On the other hand, if XRP falls and breaks below the $0.75 support, the market will drop to the low of $0.69.
Despite the recent retracement, the price bars of the cryptocurrency are above the moving averages. This suggests that the market will continue to rise as long as the price bars are above the moving averages. Ripple is below the 50% range of the daily stochastic. The stochastic bands are sloping horizontally, indicating a sideways trend. Bearish momentum is volatile.
Major Resistance Levels – $1.95 and $2.0
Major Support Levels – $0.80 and $0.60
On the 4-hour chart, XRP/USD is in a range-bound movement. Over the past three weeks, XRP has fluctuated between $0.72 and $0.80, and the bulls have failed to break through resistance at $0.80 after several attempts. The altcoin is falling back to the lower price range after a recent rejection. The trend will continue when the fluctuation ranges are broken.
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