Ripple price now fluctuates in a tight range, following the bulls’ failure to break above the previous price level.
On February 24, the price corrected upward but the bulls could not break the resistance level. Subsequently, XRP dropped to $41 low. For the past week, Ripple has been trading above $41 low since February 25.
A further upward movement of price has been repelled at the $0.45 high. The price now fluctuates between $0.40 and $0.45 price levels. Today, the bulls are attempting to break the resistance at $0.45 but have been resisted. A breakout at the recent resistance will catapult the altcoin above $0.50 high. Conversely, if the current support level is breached XRP will further decline to $0.35 low. Otherwise, the range-bound movement will continue in the current range.
The market is approaching level 46 of the Relative Strength Index period 14. It is below the centerline 50 and it is capable of falling. The 50-day SMA is acting as a support to XRP. A break below the support will cause XRP to fall.
Major Resistance Levels – $0.65 and $0.75
Major Support Levels – $0.35 and $0.30
Ripple is in a horizontal channel. The price is likely to consolidate in this range for a few more days. Buyers have retested the resistance level twice while sellers have made only one attempt to move the price out of the range-bound zone. The price action is characterized by small body candlesticks like Doji and Spinning tops which is responsible for low trading session.
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