Ripple Trades Marginally as Bulls and Bears Struggle Above $1 Support

Ripple Trades Marginally as Bulls and Bears Struggle Above $1 Support

November 2, 2021

The price of Ripple (XRP) has traded marginally over the past four days. Initially, buyers intend to keep prices above the moving average. This will accelerate price action to retest or break the high at $1.20.

However, the selling pressure evident in the long wicks of the candlesticks indicates a rejection to the upside. Today, the price action is insignificant due to the presence of the doji candlesticks, the small candle bodies. These candlesticks dictate the price movement.

In the last four days, Ripple is fluctuating between the prices of $1.08 and $1.11. The market will resume its uptrend if the price breaks above the moving average and retests the $1.20 resistance level. A breakout will push the altcoin to retest the previous high of $1.40. However, Ripple will continue to trade in a narrow range unless the range is broken.

Ripple indicator analysis

XRP has risen to level 52 on the Relative Strength Index for period 14. The cryptocurrency is in the bullish trend zone, which allows for further upward movement. The 21-day line SMA and the 50-day line SMA remain horizontally inclined as the rangebound levels are 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 was previously in an uptrend. The uptrend met with rejection and was pushed back. Meanwhile, the uptrend from October 28 has a candle body testing the 78.6% Fibonacci retracement level. The retracement suggests that the XRP price will rise but reverses at the 1.272 Fibonacci extension level or $1.10. Price action shows that Ripple has come back from its recent high and is consolidating above support at $1.

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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