Ripple Consolidates Above $0.37 as Buyers and Sellers Ponder the Next Move
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Ripple (XRP) Long-Term Analysis: Bullish
Ripple’s (XRP) price is in a sideways move as buyers and sellers ponder the next move. The price action is characterized by small body indecisive candlesticks called Doji. This implies that buyers and sellers are undecided about the direction of the market. The price movement has remained stagnant and trading slowed down. Further upward movement of the altcoin is doubtful as the price action is dominated by small body indecisive candlesticks called Doji. The bulls will break the resistance at $0.39 and $0.41 price levels if XRP rebounds above the 21-day line SMA support. The cryptocurrency will further rise to the high of $0.46 and $0.49 price levels. Conversely, the XRP will continue its range-bound move between $0.36 and $0.39 price levels for a few days if XRP fails to rebound.
Ripple (XRP) Indicator Analysis
The cryptocurrency is at level 55 of the Relative Strength Index for period 14. XRP is in the uptrend zone and may further rise. XRP price bars are above the 21-day line SMA and the 50-day line SMA indicating a further uptrend. The altcoin is below the 50% range of the daily stochastic. The bearish momentum is unstable.
Technical indicators:
Major Resistance Levels – $0.80, $1.00, $1.20
Major Support Levels – $0.60, $0.40, $0.20
What Is the Next Direction for Ripple (XRP)?
Ripple is confined as buyers and sellers ponder the next move. The altcoin is fluctuating between $0.36 and $0.39 price levels. The price action is characterized by Doji candlesticks. The candlestick indicates that buyers and sellers have reached a period of indecision. A price rebound will signal the resumption of the uptrend.
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