XRP Takes A Breather And Consolidates Above The $0.50 Mark

Cryptocurrency price analysis brought by Coinidol.com. The XRP price fell significantly, reaching a low of $0.42 on August 17.

XRP price long-term forecast: bearish

The decline was short-lived as the cryptocurrency price quickly recovered above the $0.50 support level. The bearish momentum has eased over the last 48 hours as the altcoin consolidates above the current level. The August 17 candle has a long tail indicating the current support.

The long candle tail indicates significant buying at lower price levels. In addition, the bearish momentum has peaked as XRP approaches the oversold zone. It is doubtful that the cryptocurrency will fall further. XRP will rise if the support at $0.50 holds. If buyers manage to overcome the initial resistance at $0.56, XRP will cross the moving average lines

XRP indicator analysis

The recent decline has pushed the cryptocurrency to the level of the Relative Strength Index 24 for the period 14. This means that the coin has entered the oversold zone of the market. This means that the downtrend is likely to end when buyers emerge from the oversold zone. The altcoin is rising above the 40 level of the daily stochastic. The altcoin's upward momentum has paused as it consolidates above the current support.

Technical Indicators:

Key resistance levels – $0.80 and $1.00

Key support levels – $0.40 and $0.20

What is the next move for XRP?

XRP is consolidating above the $0.50 support level and preparing for an upward push. XRP is currently trading above its previous low on July 13. The altcoin has been trading above the current support level for a month now. If the current support is broken, XRP will fall to its previous low of $0.42.

On August 12, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the cryptocurrency's value has fallen from a high of $0.85 to a low of $0.59. The altcoin is consolidating above the $0.59 support or the 50-day simple moving average. 

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.com. Readers should do their research before investing in funds.