Ripple Holds above $1.07 Support As Bulls and Bears Decide the Next Move

Ripple (XRP) has been fluctuating above the $1.07 support level for over a week now. It is also above the 50-day moving average line. Today, XRP is trading at $1.10 and continues its uptrend.

Over the past week, price action has been choppy as the cryptocurrency has fluctuated between $1.07 and $1.20. XRP/USD is capable of further upside movement as it fluctuates above the moving averages.

There is a tendency for prices to rise to retest the $1.20 resistance level. A break above the $1.20 resistance will propel XRP to a rise to $1.40. In the previous price action, Ripple was met with resistance as it fell above the moving averages and began a sideways move. Today, the cryptocurrency continues to hold above the moving averages as the altcoin attempts to climb back up. However, if the bears break below the moving averages, it would signal the resumption of the downtrend. Moreover, this would nullify the bullish scenario.

Ripple indicator analysis

The Relative Strength Index for period 14 is still at the 51 level, indicating that there is a balance between supply and demand. The 21-day line SMA and the 50-day line SMA act as support for the cryptocurrency. The altcoin will fall if the current support is broken. The market is below the 40% area of the daily stochastic, but the bands are sloping upwards, indicating an uptrend.

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/USD is in a sideways movement. The uptrend has been capped below the $1.20 resistance level. The cryptocurrency is also finding support above $1.07 as it continues its sideways trend. Meanwhile, the October 10 uptrend has a candlestick testing the 61.8% Fibonacci retracement level. The retracement suggests that the XRP price will rise to the Fibonacci extension level of 1.618 or $1.43.  

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.

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