Ripple Trades between $0.85 and $1.20 as Bulls Fail to Keep Price above $1.20 High
Oct 29, 2021 at 09:09 //
NewsThe price of Ripple (XRP) has been stuck below the $1.20 resistance level after the altcoin fell to a low of $1.06.
The cryptocurrency fell into the downtrend zone as buyers try to push XRP above the moving averages. In the previous price action, buyers were pushed back at the high of $1.20 as the altcoin fell to a low of $0.95. Today, XRP price is trading below the moving averages. A break above the moving averages will accelerate the price action. A rejection at the 21-day line or the 50-day moving averages line will bring the altcoin down. Ripple is trading at $1.06 at the time of writing.
Ripple indicator analysis
XRP has fallen to the 48 level on the Relative Strength Index for period 14. The cryptocurrency is in the downtrend zone and is prone to decline. The 21-day line SMA and the 50-day line SMA remain horizontally sloped as the range bound levels remain unbroken.
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?
On the 4-hour chart, XRP is in a downtrend as buyers are failing to keep XRP price above the moving averages. When the price breaks above the moving averages, the tendency is for the price to rise. Meanwhile, an uptrend has started on October 28. A retracement candlestick has tested the 78.6% Fibonacci retracement level. The retracement suggests that the XRP price will rise but reverse at the Fibonacci extension of 1.272 or $1.10. The price action shows that buyers are struggling to break above the $1.08 resistance level.
Disclaimer. This analysis and forecast and are the personal opinions of the author 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