Ripple Holds Above $0.72 As Buyers Re-Enter And Continue Uptrend
Today, March 11, 2022, Ripple (XRP) has fallen to a low of $0.73 at the time of writing. On the daily chart, XRP price is between the moving averages.
Ripple (XRP) price long-term forecast: bearish
The price of Ripple (XRP) has been in a sideways movement since February 8. On February 8, XRP was rejected at the $0.90 resistance level. It was rejected when the altcoin reached an overbought region of the market.
The cryptocurrency is trading above the 50-day moving average, but below the 21-day moving average. This suggests that XRP/USD will be forced to range bound for a few more days. The altcoin will move back up and retest the $0.80 or $0.90 price level if it breaks above the 21-day moving average line. If the XRP price falls below the 50-day moving average line, the altcoin will drop further to $0.69 or $62.
Ripple (XRP) indicator analysis
XRP has fallen to level 49 on the Relative Strength Index for the 14 period. This indicates that there is a balance between supply and demand. The price of the cryptocurrency is likely to fluctuate in a range between the moving averages. Ripple is above the 30% range of the daily stochastic. The stochastic bands are tilted horizontally, which indicates a sideways trend.
Technical indicators:
Key resistance levels – $1.95 and $2.0.
Important support levels – $0.80 and $0.60
What is the next move for Ripple (XRP)?
XRP/USD has continued its sideways movement. It is unlikely that the range-bound levels will be broken. Today, the price movement is characterized by doji candlesticks (small bodies). The indecisive candlesticks indicate that buyers and sellers are undecided about the direction of the market.
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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