Ripple (XRP) price is trading above the moving averages, but the price movement is marginal.
Since March 15, the XRP price has made a series of higher highs and higher lows. On March 21, the bulls broke through resistance at $0.80, but the market has only risen to the $0.84 price level. Buying power dries up when the market reaches a higher price level. Moreover, the price action is characterized by doji candlesticks, which have a small body.
Today, XRP/USD is trading at $0.84 at the time of writing, and should the price overcome the resistance at $0.90, the market will rise to the resistance at $1.01. On the other hand, if the cryptocurrency is rejected at the recent high, the market will fall above the moving averages. XRP will continue its uptrend if prices stay above the moving averages. Nevertheless, the market will decline to $0.69 if the bears fall below the moving averages.
Ripple is at the level 60 of the Relative Strength Index for the period 14, indicating that XRP is trading in the bullish trend zone and is capable of further upward movement. Nevertheless, the current uptrend could face strong resistance at the high of $0.90. Ripple is above the 70% range of the daily stochastic. This suggests that XRP is in a bullish momentum. The 21-day line and the 50-day moving averages are sloping north, indicating an uptrend.
Major Resistance Levels – $1.95 and $2.0
Major Support Levels – $0.80 and $0.60
XRP/USD has continued to rise slightly as the market approaches overbought territory. On March 22, the cryptocurrency reached a high of $0.86, but was rejected at the $0.90 resistance zone. Today, XRP is rising and retesting the $0.90 resistance level.
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