The price of Ripple (XRP) has resumed its sideways movement as the downtrend has reached its bearish exhaustion.
After the downward impulse on January 22, XRP reached the low of $0.54 and corrected upwards. The upward correction was completed at the high of $0.64. Last week, the downtrend turned into a sideways trend.
XRP/USD is now fluctuating between the price levels of $0.56 and $0.64. Despite the current price range, the cryptocurrency is still in the oversold region of the market. If buyers appear in the oversold region, they are likely to retest the initial resistance at $0.64. A breakout above the initial resistance will catapult the altcoin to the highs of $0.80 and $1.00. Further downside is unlikely as the market has reached the oversold region.
Ripple indicator analysis
The cryptocurrency has fallen to level 28 of the Relative Strength Index for the 14 period. The altcoin will continue to trade in the oversold region as long as it is trapped in a range. Ripple is above the 25% range of the daily stochastic. This indicates that the market is in a bullish momentum. The price of the cryptocurrency is below the moving averages, which indicates a further downward price movement. This is unlikely as the market has reached the oversold zone.
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 has resumed its sideways movement. Last week, the market moved in a range between $0.56 and $0.64. The cryptocurrency will resume its trend once the price breaks through the resistance at $0.64. On the other hand, a breakdown will affect the breakout of $0.56.
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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