Ripple Trades Marginally as the Altcoin Consolidates in a Tight Range

Ripple Trades Marginally as the Altcoin Consolidates in a Tight Range

March 9, 2021

Ripple is range bound between $0.45 and $0.50 price levels. Today, the XRP price rises to $0.487 high but presently the price has fallen below $0.48 low. There is a tendency for an altcoin to further decline. In the previous price action on March 4, XRP rallied to a $0.487 high.

After the rally, the market declined to a $0.45 low. Presently, XRP/USD has been trading marginally upward soon after the breakdown on February 23. However, the price movement has been insignificant. Nonetheless, after the rejection from the $0.485 high, the price is retracing downward. From the price action, the price fluctuation between $0.45 and $0.50 will continue until buyers break the $0.50 resistance.

Ripple indicator analysis

The bulls are attempting to break the resistance line of the descending channel. When price breaks and closes above the resistance line, it implies that the previous trend has been terminated. The price is at level 57 of the Relative Strength Index period 14. It is above the centerline 50 and may resume upward.

Technical indicators:  

Major Resistance Levels – $0.65 and $0.75

Major Support Levels – $0.35 and $0.30

What is the next move for Ripple?

The Fibonacci tool has indicated a possible move of XRP on the upside but the market will reverse later. On March 8 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Ripple will rise to level 1.272 Fibonacci extension or the high of $0.499 and reverse.

Disclaimer. This analysis and forecast 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.

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