Ripple Retraces to $0.86 Support as the Altcoin Targets $1.30 High

The price of Ripple (XRP) has retreated from the high at $1.00 today, finding support above the low at $0.86.

In the recent uptrend, buyers have been unable to sustain bullish momentum above the 50-day moving average line. Rather, the XRP price is falling and finding support above the 21-day moving average line. 

The cryptocurrency will likely continue to fluctuate between the moving averages for a few more days. If buyers break above resistance at $1.00, XRP will rise to a high at $1.30. On the other hand, if the bears break below the current support, the altcoin will fall back to the previous low at $0.76. XRP/USD is now moving above current support for a possible upside move. At press time, Ripple is trading at $0.88 after a small retracement.

Ripple indicator analysis

XRP is at level 47 on the Relative Strength Index for period 14. Ripple is still in downtrend territory despite the recent uptrend and may fall further. The price of the cryptocurrency is above the moving average of the 21-day line, but below the moving average of the 50-day line. As a result, Ripple may be entering a range-bound move again. Ripple is below the 60% area of the Stochastic on the daily chart. The market has declined after the rejection at $1.00.

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?

Currently, Ripple is moving above the support level of $0.86. The uptrend will continue if the current support holds. Meanwhile, the uptrend from December 23 has shown a candle body testing the 50% Fibonacci retracement level. The retracement suggests that XRP will rise to the 2.0 Fibonacci extension level, or $1.25.

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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