Ripple to Confined to Range, Lacks Buying Power at Higher Price Levels

On April 1, Ripple bulls retested the $0.60 resistance and pulled back to the range-bound zone. XRP price has been confined in a tight range since March 26.

Presently, the altcoin has been fluctuating between $0.54 and $0.58 price levels. For the past week, XRP/USD has not shown any significant price movement. 

The candlestick on April 1 possessed a long wick indicating that there was strong selling pressure at a higher price level. The altcoin lacks buyers at a higher price level which is responsible for the current range-bound movement. However, the bottom line is that if buyers can push the price above $0.60 resistance, the uptrend is likely to resume. XRP will attain a new high of either $0.65 or $0.78. Nevertheless, the range-bound movement may persist if the $0.60 overhead resistance remains unbroken.

Ripple indicator analysis

The altcoin is at level 52 of the Relative Strength Index period 14. It indicates that it is in the uptrend zone and capable of rising on the upside. The 21-day and 50-day SMA are sloping northward indicating the uptrend. The altcoin price has remained above the SMAs which is an indication of a possible rise in price.

Technical indicators:  

Major Resistance Levels – $0.65 and $0.75

Major Support Levels – $0.35 and $0.30

What is the next move for Ripple?

XRP may be likely to move up but the uptrend is marginal. On March 26 uptrend; XRP retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that Ripple will rise to level 1.272 Fibonacci extension or the high of $0.60786. The market will reverse to level 78.6% Fibonacci retracement level where it originated.

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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