Ripple Consolidates Above $0.76 Support as Bulls and Bears Reach Indecision
Since September 5, the price of Ripple (XRP) has fallen to a low of $0.76 and has been consolidating for the past two weeks. Daily price action has ranged between $0.76 and $0.90. The current support is holding as bulls bought the dips during the December 4 price slump.
Buyers are pushing for the price level to remain at $0.76, which is the historical price level from August 8. Today, XRP is still consolidating above current support for a possible upside move. A rebound above the current support would signal the resumption of the uptrend. An uptrend will face resistance at the $1.00 and $1.10 levels. However, if buyers overcome these levels, Ripple will be out of the downward correction.
Ripple indicator analysis
The cryptocurrency has been fluctuating for the past two weeks. This has resulted in the altcoin remaining at the level 39 of the Relative Strength Index in period 14. Ripple is still in a downtrend area and is capable of falling to the downside. The downtrend was capped by strong buying pressure between $0.057 and $0.76. XRP/USD is above the 40% area of the daily stochastic. The market is in a bullish momentum, but it is volatile.
Major Resistance Levels - $1.95 and $2.0
Major Support Levels - $0.80 and $0.60
What is the next move for Ripple?
Ripple is in a fluctuation range as the 4-hour chart shows. The current downturn has subsided and the price is moving between the levels of $0.76 and $0.90. The price movement is characterized by small candlesticks called doji and spinning tops. These candlesticks describe the indecision between buyers and sellers. Ripple will resume the trend when the range bound levels are broken.
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.
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