Ripple Hovers above the Previous Low at $0.92, May Resume Downtrend
Sep 28, 2021 at 09:35 //
NewsRipple (XRP) has moved only slightly over the past four days. The price movement was insignificant as it fell from the high at $0.95 to the low at $0.92.
Today, marginal trading has begun as XRP is moving back up. This current price action was triggered by the emergence of small format candlesticks called doji and spinning tops.
These candlesticks indicate that buyers and sellers are still undecided about the direction of the market. The XRP price is consolidating above the $0.90 support level, and the current price movement is an indication that supply and demand have reached equilibrium. Meanwhile, the XRP price is consolidating above the previous low at $0.92. If the bears break the current support and the bearish momentum continues, the downtrend will resume.
Ripple indicator analysis
Ripple has fallen to the 40 level on the Relative Strength Index for period 14. This indicates that XRP is in the downtrend zone and below the centre line 50. The Ripple price has a bearish crossover as the 21-day line SMA crosses the 50-day line SMA. This indicates a sell signal. However, XRP is above the 25% range of the daily stochastic. This suggests that the market is in a bullish momentum, which is contrary to the price action.
Technical indicators:
Major Resistance Levels - $1.95 and $2.0
Major Support Levels - $0.80 and $0.60
What is the next move for Ripple?
XRP/USD is in a downtrend as the price falls below the moving averages. The XRP price is consolidating above the previous low and is facing a possible breakout. Meanwhile, the uptrend from September 7 has a candle body testing the 61.8% Fibonacci retracement level. The retracement suggests that XRP will fall to the Fibonacci extension level of 1.618 or the $0.62 level.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow
