Ripple (XRP) has risen above the moving averages, ending the downward correction. The price of the cryptocurrency has also broken the resistance line of the descending channel. This means that the downward trend has ended.
Today, XRP/USD is trading at $0.82 at the time of writing. After the rise on February 8, XRP recovered and stuck at the price level of $0.90. In the last four days, the XRP price fluctuated between the price levels of $0.80 and $0.90, indicating a possible upward movement. However, if the altcoin rises back above the $0.80 support, XRP will go up to the $1.00 resistance. Bears will face another resistance at this price level. However, if the buyers overcome the high at $1.00, XRP/USD will resume its upward momentum. It will regain the previous highs of $1.20 and $1.30.
Ripple indicator analysis
Ripple (XRP) will continue to rise as long as the price of the cryptocurrency is above the moving averages. It has fallen to level 63 of the Relative Strength Index for the period 14. The altcoin is in the bullish trend zone. XRP has fallen below 20% of the daily stochastic. This means that the altcoin has reached the oversold region. In the oversold region, buyers will emerge and push the prices up.
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 stuck below the $0.90 resistance. The cryptocurrency is fluctuating between $0.80 and $0.90 as buyers try to break the resistance level. Today, XRP has fallen into the oversold area at $0.82011 as bulls are buying the dips.
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.
Source: https://coinidol.com/ripple-0-90-high/