The price of Ripple (XRP) continues to consolidate above the $0.58 support level as the cryptocurrency maintains its range of volatility. For the past two weeks, XRP has been consolidating sideways.
The cryptocurrency fluctuated between $0.54 and $0.65, with Ripple's downtrend ending when it hit a low of $0.54. Today, buyers are trying to push XRP to its previous highs. In the last attempt on January 26, buyers were stopped at the $0.65 resistance level. By the way, this resistance forced XRP into a sideways trend. If buyers manage to keep the price above the recent highs, XRP will rise and reach a new high of $0.80. However, if the bulls fail to break above the recent highs, the sideways trend will continue.
Ripple Indicator Analysis
Ripple's Relative Strength Index (RSI) has been stable at the 36 level for the past 14 months and will fall or rise if the cryptocurrency resumes its trend. Ripple is above the 40% region of the daily stochastic indicator. Ripple is in bullish momentum. The 21-day and 50-day SMAs are down and trending lower.
Major resistance levels – $1.95 and $2.0
Major support levels – $0.80 and $0.60
What's next for Ripple?
XRP/USD continues to fluctuate within the trading range as XRP resumes its upward movement. The 21-day line and 50-day moving average levels are flat, indicating strong consolidation in XRP. Meanwhile, the upside movement of XRP is doubtful as the price action is dominated by small candlesticks.
Disclaimers. This analysis and prediction represents the author's personal opinion and does not constitute a recommendation to buy or sell cryptocurrencies and should not be considered as an endorsement by CoinIdol. Readers should do their own research before investing