Ripple Continues To Consolidate Above $0.75 Amidst Bullish Expectation
January 12, 2022
Ripple (XRP) Long-Term Analysis: Bearish
Ripple’s (XRP) price is still in a downward correction amidst bullish expectation. Today, XRP price rebounds above $0.69 support. After the December 4 price slump, XRP plunged to $0.57 but the bulls bought the dips. Ripple’s price corrected upward to $0.90 and resumed a range-bound move. During the range-bound move, the bulls attempted to break the $1.00 overhead resistance but were repelled. The cryptocurrency would have been out of downward correction if buyers were successful. The bullish momentum would have extended to the high of $1.30. Meanwhile, XRP is fluctuating between $0.75 and $0.90.
Ripple (XRP) Indicator Analysis
Ripple is at level 34 of the Relative Strength Index for period 14. XRP is trading in the downtrend zone but approaches the oversold region. The price bars are below the moving averages which indicate the downward movement of prices. XRP is below the 50% range of the daily stochastic.
Major Resistance Levels – $2.00, $2.50, $3.00
Major Support Levels – $1.50, $1.00, $0.50
What Is the Next Direction for Ripple (XRP)
Ripple is in a downward correction as price fluctuates amidst bullish expectation. For the past month, the range-bound levels have remained unbroken. Meanwhile, on November 30 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that XRP price will fall to level 1.272 Fibonacci extension or $0.74. From the price action, the market is resuming upward.
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