Ripple Price Stagnates As Traders Show Indifference

Feb 03, 2023 at 13:02 // Price
Coin Idol
Although Ripple is in an uptrend, the trend was stopped at the recent high

Ripple (XRP) was trading below the $0.42 level.

Long-term forecast for Ripple price: bullish

The cryptocurrency reached a high of $0.43 during its rise, but investors were unable to sustain the bullish momentum. As a result, XRP fell and was forced to drop below the recent high, moving in a range. The price movement below the resistance level remained unchanged last week. On the plus side, further gains are unlikely given the overbought condition of the market above the barrier. However, XRP can rise to $0.51 if buyers manage to overcome the resistance between $0.42 and $0.43. On the other hand, XRP will fall once the price drops below the 21-day line SMA. The altcoin will fall to a low of $0.38 and then to $0.34. At the time of writing, the price of XRP is at $0.41 in the meantime.

Ripple indicator analysis

XRP is at level 57 of the Relative Strength Index for period 14. Being in a bullish trend zone, the cryptocurrency can rise. The price has risen as the price bars are above the moving average line. Ripple is moving up above the daily value of 50 of the Stochastic. 

XRPUSD(Daily Chart) - February 3.23.jpg

Technical indicators:

Key resistance levels - $0.80 and $1.00

Key support levels - $0.40 and $0.20

What is the next move for Ripple?

Although Ripple is in an uptrend, the trend was stopped at the recent high. Doji candlesticks, which have a small body and are used to measure price, were noticeable. Doji candlesticks show that both buyers and sellers are uncertain about the direction of the market.

XRPUSD(4 Hour Chart) - February 3.23.jpg

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 

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