For the past week, the price of Ripple (XRP) has consistently been on an uptrend. The altcoin has been fluctuating between support at $0.75 and resistance at $0.90.
The XRP price is consolidating below the resistance level. In the bullish trend zone, consolidation below the resistance level increases the chances of a breakout.
A breakout above the high at $0.90 will catapult the altcoin above the upper resistance at $1.00. Unlike Bitcoin and Ethereum, the cryptos have fallen into the downtrend zone as the bulls failed to break through their respective resistance levels. XRP, on the other hand, is in an uptrend and retested the recent high. XRP/USD is trading at $0.79 as of press time.
Ripple indicator analysis
Ripple is at level 54 of the Relative Strength Index for period 14. XRP is in the bullish trend zone and continues to test resistance at $0.90. The cryptocurrency price is above the moving averages while bulls continue to defend support at $0.75. The cryptocurrency value is above the 50% area of the daily stochastic. XRP is in a bullish momentum.
Major Resistance Levels – $1.95 and $2.0
Major Support Levels – $0.80 and $0.60
What is the next move for Ripple?
XRP/USD is trading in the bullish trend zone. Still, the cryptocurrency is encountering resistance at the high of $0.90. XRP is fluctuating in a narrow range between the $0.75 and $0.90 levels. Meanwhile, the uptrend from February 8 has shown a candlestick testing the 50% Fibonacci retracement level. The retracement suggests that XRP will rise to the 2.0 Fibonacci Extension level or $1.23.
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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