Ripple Pauses above $0.89 Support as Buyers and Sellers Continue Price Tussle
After the downward impulse on September 21, the price of Ripple (XRP) has been trading above the $0.89 support. Today, buyers have pushed the altcoin to the high of $0.95.
At other times, the market rises to the high of $1.00. Price action has been choppy over the past week. What is stable is that XRP is holding above the $0.89 support.
Selling pressure has eased. The XRP price is fluctuating between the levels of $0.89 and $1.02. If buyers push the XRP price above $1.20 and the bullish momentum continues, the altcoin will resume its upward momentum. The cryptocurrency will then come out of the downward correction. On the other hand, if the bears break the current support at $0.89, it would signal the resumption of the downtrend.The XRP price would continue to fall to the support at $0.70.
Ripple indicator analysis
XRP price has fallen to the 44 level of the Relative Strength Index for period 14. This indicates that XRP is in the downtrend zone and below the centre line 50. The altcoin tends to fall into the downtrend zone. Ripple is in a bullish momentum as it is above the 40% 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?
Currently, the downtrend has subsided. XRP/USD is back within a trading range between $0.89 and $1.02. Ripple will resume the trend when the fluctuation range is broken. Price action was marginal due to the presence of small body candlesticks. The doji candlesticks are responsible for the current range bound movement.
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.