Ripple Holds Above The Breakthrough Level Of $0.41November 1, 2022
The price of Ripple (XRP) is in a sideways movement between the moving average lines.
The cryptocurrency has been trapped between the moving average lines since October 20. The advantage was with sellers, who drove the altcoin to a low of $0.46. Buyers have a chance to hit a high of $0.54 another time.
Long-term forecast for the Ripple price: bullish
However, the price battle between the moving average lines continues. On the downside, XRP will fall to a low of $0.35 if sellers drop below the 50-day line SMA. Similarly, the market will rise to its previous high of $0.54 if buyers keep the price above the 21-day line SMA. XRP/USD is currently trading at $0.46 at the time of writing this article.
Ripple indicator analysis
Ripple is at level 49 according to the 14th period of the Relative Strength Index, which means that there is a balance between supply and demand. Depending on how long the price bars stay between the moving average lines, Ripple could return to a trading range. XRP is moving up above the 60% range of the daily stochastic.
Key resistance levels – $0.80 and $1.00
Key support levels – $0.40 and $0.20
What is the next move for Ripple?
If the price of Ripple (XRP) does not cross the 21-day line SMA, it could possibly fall. In the meantime, XRP has reversed the downtrend that started on October 20 and a candlestick has tested the 50% Fibonacci retracement level. The correction predicts that XRP will fall to the 1.618 Fibonacci extension level or $0.35.
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
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