The price of Ripple (XRP) has been consolidating above support at $0.62 for the past five days. The crypto had corrected higher, but buyers failed to maintain bullish momentum above the $0.70 high.
After the two rejections at the recent high, XRP retreated to the $0.62 support. However, as price consolidates above the current support, there is a tendency of a possible breakout or breakdown.
XRP will rise to the high at $0.90 if the bulls overcome the resistance at $0.70. On the other hand, the bears will push XRP to the previous low at $0.58 or $0.51. XRP/USD seems to have reached bearish exhaustion as the altcoin is regaining the previous low above $0.51. Currently, XRP is fluctuating in a tight range between $0.62 and $0.70. The altcoin will resume the trend if the range-bound levels are broken.
Ripple indicator analysis
XRP is at level 41 on the Relative Strength Index for period 14. Ripple is still in the bearish trend zone and is capable of falling lower. The 21-day and the 50-day SMA are sloping downward, indicating the downtrend. Ripple is in a bullish momentum above the 25% area of the daily stochastic.
Major Resistance Levels – $1.95 and $2.0
Major Support Levels – $0.80 and $0.60
What is the next move for Ripple?
Ripple (XRP) has been consolidating above $0.58 support for the past two weeks. The downtrend has reached bearish exhaustion. Meanwhile, on the June 30 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that Ripple is likely to fall to the 2.0 Fibonacci extension level or the $0.60 level. From the price action, XRP has consolidated above $0.60 support since June 30.
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.