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The price of Ripple (XRP) is stuck below the 21-day moving average line as buyers try to keep the XRP price above the moving averages. If the buyers are successful, XRP would have risen to the previous lows.
Currently, the upward movement is stopped at the high of $0.80. The cryptocurrency will rise to retest or break through resistance at $0.90 and $1.00 once the initial resistance is overcome. XRP/USD will exit the downward correction if the bulls break the overriding resistance at $1.00. Today, XRP fell below the 21-day moving average line. This means that it will be forced to move between the moving average lines. The altcoin will develop a trend once the moving average lines are broken. In other words, buyers and sellers will reach equilibrium when XRP trades between the moving averages. The cryptocurrency is trading at $0.77 at the time of writing.
Ripple indicator analysis
Ripple is at level 52 of the Relative Strength Index for the period 14. The altcoin is in the uptrend zone and is capable of further upward movement. Ripple's price bars are below the 21-day moving average, but above the 50-day moving average. This indicates that the altcoin is forced to move within a certain range.
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?
On the 4-hour chart, XRP is in an uptrend. The cryptocurrency price has risen above the moving averages, but the uptrend is stuck at $0.80. The market will rise when the current resistance is broken. Meanwhile, the uptrend from February 26 has a candle body testing the 50% Fibonacci retracement level. The retracement suggests that XRP will rise to the 2.0 Fibonacci extension level or $0.95.
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.