The price of Ripple (XRP) is in a sideways movement within a narrow range. Since May 12, the downtrend has eased as the altcoin has made an upward correction. The uptrend was completed at a high of $0.46.
The cryptocurrency was forced to move sideways between $0.38 and $0.46. The sideways trend is characterized by small indecisive candlesticks called doji and spinning tops. These candlesticks indicate that buyers and sellers are undecided about their next move. Today, XRP is trading at $0.40 at press time. At other times, the XRP price will fluctuate within the narrow range. If the altcoin rallies above the current support, the market will rally above the resistance at $0.46. The upward momentum will extend to the highs of $0.53 and $0.65. However, if the bulls fail to break the recent high, XRP will fall and retake the previous low at $0.33.
Ripple is at level 33 of the Relative Strength Index for the period 14. XRP is still in the downtrend zone despite the upward correction. The downward correction will be over when the price breaks above the moving averages. XRP is above the 35% area of the daily stochastic. The market is in a bullish momentum, but the stochastic bands are tilted horizontally. Meanwhile, the 21-day line SMA and the 50-day line SMA are tilted south, indicating a downtrend.
Major Resistance Levels - $0.80 and $1.00
Major Support Levels - $0.60 and $0.40
Ripple is in a sideways movement as the price fluctuates in a narrow range. The downtrend will continue if the price falls below the support level of $0.38. On the other hand, the uptrend will resume if the resistance at $0.46 is broken. Meanwhile, on May 12 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that XRP will fall to the level of the Fibonacci extension of 1.272 or $0.25.
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