Ripple Consolidates Above $0.38 Support as Bulls And Bears are Indecisive

Jun 07, 2022 at 11:51 // Price
Coin Idol
The upward movement was limited

Ripple (XRP) price is in a downward correction while consolidating above the $0.38 support. The upward movement was limited by the 21-day line SMA.

Long-term forecast for the Ripple (XRP) price: bearish

The altcoin was pushed off during the price increase on May 31, when it reached the high of $0.43. The bears pushed the altcoin below the 21-day line SMA. In general, the price movement was insignificant as the Doji and Spinning Tops small-bodied candles are indecisive. 

If XRP rises above the $0.38 support, the market will rise to the next resistance at $0.46. The bullish momentum will extend to the high of $0.50 if the current resistance is broken. On the downside, the bulls have defended the current support after the May 12 plunge. The altcoin will retake the previous low at $0.33 if the bears break below the support at $0.38. 

Ripple (XRP) Indicator Analysis

Ripple is at level 38 of the Relative Strength Index for the period 14. The cryptocurrency is trading in the downtrend zone as XRP falls below the moving averages. The cryptocurrency price is below the moving averages, indicating a further decline. XRP is below the 40% area of the daily stochastic. The market is in a bearish momentum. 


Technical Indicators: 

Key resistance levels - $0.80 and $1.00

Key support levels - $0.60 and $0.40

What is the next move for Ripple (XRP)?

Ripple is consolidating above the $0.38 support. The price movement is slow due to the doji candlesticks. Meanwhile, on May 12 downtrend; a retraced candlestick body tested the 78.6% Fibonacci retracement level. The retracement suggests that XRP will fall to the level of 1.272 Fibonacci extension 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 

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