Ripple Consolidates Above $0.80 as Bulls and Bears Battle Below $0.86 Resistance
Ripple (XRP) price has recovered from its downtrend as it consolidates above the moving averages. However, Ripple risks a further decline if the bears break below the moving averages.
Long-term forecast for Ripple (XRP) price: bullish
Today, April 5, 2022, the price bars are above the moving averages as the altcoin is trading at $0.82. The cryptocurrency tends to rise above the moving averages as buyers try to push XRP towards the resistance at $0.90. Buyers have struggled to break through the $0.90 resistance since February 8. A break above the recent high will push XRP higher and retest the overriding resistance at $1.00. On the other hand, if XRP fails to hold above the moving averages, the cryptocurrency will preferably fall to the low above $0.69. In the meantime, XRP/USD is in a sideways movement below the resistance at $0.86.
Ripple (XRP) indicator analysis
Ripple has fallen to the 51 level of the Relative Strength Index for the 14 period. It indicates that there is a balance between supply and demand. The price bars of XRP are between the moving averages, which indicates further upward movement of the cryptocurrency. XRP/USD is above the 40% range of the daily stochastic. This suggests that XRP is in a bullish but unstable momentum. The moving averages of the 21-day line and the 50-day line are up, indicating an uptrend.
Key resistance levels – $1.95 and $2.0
Key support levels – $0.80 and $0.60
What is the next move for Ripple (XRP)?
XRP/USD is in a downtrend, but selling pressure eased on March 31, when the altcoin fell to a low of $0.78 and recovered. Meanwhile, the downtrend showed a candlestick on March 28, testing the 50% Fibonacci retracement level. The retracement suggests that XRP will fall to the 2.0 Fibonacci extension level or $0.79. The price action shows that XRP has left the downtrend and is consolidating above the support at $0.80.
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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