Ripple Is in a Tight Range as It Consolidates Above the $0.37 Support
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Ripple (XRP) Long-Term Analysis: Bullish
Ripple’s (XRP) price has resumed downward correction as it consolidates above the $0.37 support. The cryptocurrency is now trading between the moving average lines. The implication is that the altcoin will be compelled to a range-bound move between the moving average lines. Meanwhile, the price movement is insignificant because of the presence of Doji candlesticks. On the downside, if price breaks below the 50-day line SMA, XRP will decline and revisit the previous low at $0.30. Similarly, if buyers breach the 21-day line SMA, it will signal the resumption of the uptrend. Today, XRP is declining to the 50-day line SMA. Nonetheless, if the 50-day line support holds, XRP will continue its range-bound move between $0.36 and $0.39 price levels. Meanwhile, XRP/USD is trading at $0.37 at the time of writing.
Ripple (XRP) Indicator Analysis
The altcoin is at level 51 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand.XRP price bar is between the moving average lines which indicates a further range-bound move. The altcoin is below the 40% 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 in a tight range with choppy price action as it consolidates above the $0.37 support. The price action is characterized by called small body indecisive candlesticks called Doji and Spinning tops. The candlestick indicates that buyers and sellers are undecided about the direction of the market.
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