Ripple Finds Support Above $0.34 And Continues To Move Within The Trading Range

Jan 10, 2023 at 10:46 // Price
Coin Idol
The moving average lines have slowed down the upward movements

Ripple (XRP) has maintained its price pattern below the moving average lines as buyers continue to defend the current support.

Long-term forecast for Ripple price: bearish

Sellers drove XRP to a low of $0.29 on January 2, but bulls bought the dips. At $0.31, selling pressure broke the lower price, which then retraced to find support at $0.34. After the recent decline, the cryptocurrency resumed its movement within the trading range. Doji candlesticks, which have a small body and are indecisive, have now taken control of the price movement. These candlesticks show that both buyers and sellers are still uncertain about the price of the market. Therefore, the current price movement will continue below the moving average lines. On January 2, the long candlestick indicated significant buying at lower price levels.

Ripple indicator analysis

XRP has fallen below the Relative Strength Index (RSI) level of 46 for the 14 period. The RSI has been rising recently and is now very close to the upside zone. Although the price bars are below the moving average lines, a further decline is expected. The daily stochastic shows that the altcoin is in an upward momentum above 60. 

XRPUSD(Daily Chart) - January 10.23.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?

The price of Ripple (XRP) is consolidating above the $0.34 support and moving in a range. The presence of doji candlesticks has caused the price movement to remain unchanged. The 21-day line SMA is currently being retested by the cryptocurrency's price bars. The moving average lines have slowed down the upward movements.

XRPUSD(Daily Chart 2) - January 10.23.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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