The price of Ripple (XRP) has continued to consolidate above the $0.58 support level as the altcoin maintains its range of fluctuation. For the past two weeks, XRP has been trading in a sideways trend.
The altcoin fluctuated between $0.54 and $0.65, and Ripple’s downtrend ended when it fell to a low of $0.54. Today, buyers are trying to push XRP to the previous highs. In the last attempt on January 26, buyers were stopped at the $0.65 resistance. Incidentally, this resistance forced XRP to enter a sideways trend. If the buyers manage to keep the price above the recent high, XRP will rise and reach another high at $0.80. However, if the bulls fail to break the recent high, the sideways movement will continue.
Ripple indicator analysis
The Relative Strength Index (RSI) for Ripple has been stable at level 36 for the past 14 months, and the RSI will fall or rise if the cryptocurrency resumes its trend. Ripple is above the 40% area of the daily stochastic. Ripple is in a bullish momentum. The moving averages of the 21-day line and the 50-day line are down, indicating a downtrend.
Technical indicators:
Major Resistance Levels – $1.95 and $2.0
Major Support Levels – $0.80 and $0.60
What is the next move for Ripple?
XRP/USD has continued to move within the trading range as XRP resumes its upward movement. The 21-day line and the 50-day moving averages line are horizontally flat, indicating an intense consolidation of XRP. Meanwhile, XRP’s upward movement is doubtful as the price action is dominated by small body candlesticks.
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
