On March 12, Ripple (XRP) dropped to a low of $0.12 and resumed consolidation. The cryptocurrency is in a sideways trend between the levels of $0.12 and $0.17. The bears have earlier taken price to the lower price range but pulled back because of rejection at the support. In the same manner, the bulls tested the upper price range and were resisted.
XRP is now trading at $0.15 between the lower price range of $0.12 and the upper price range of $0.17. Nonetheless, it is unlikely if the selling pressure will resume as the market was oversold at the $0.12 support. The bulls emerge to push Ripple to the high of $0. 15. On the upside, if the bulls break above $0.17 resistance, the coin will reach a high of $0.20. However, where the overhead resistance remains unbroken the sideways trend will continue.
Ripple XRP Consolidates Above $0.12 Support
On the daily chart, a large bearish candlestick pushes XRP to a low of $0.12. The other smaller body candlesticks are called indecisive candles which describe the indecision between the buyers and sellers about the direction of the market. The market is consolidating because the buyers and sellers are yet to agree on the direction of the market.
Key Levels to Watch
- Key Resistance Zones: $0.35, $0.40, $0.45
- Key Support Zones: $0.25, $0.20, $0.15
The Stochastic Indicator
Ripple is above 40% range of the daily stochastic. This implies that XRP is in bullish momentum. The market is likely to be in an upward move
The Relative Strength Index (RSI) Indicator
The 12-day EMA and the 26-day EMA are sloping horizontally indicating the sideways trend. Ripple is currently at level 55 of the Relative Strength index but above the centerline 50. When the cryptocurrency is above the centerline 50; it is presumed to be in the uptrend zone. XRP may likely rise as it is in a bullish trend zone.
Affiliate: Get a Ledger Nano X for $119 So That Hackers Won't Steal Your Crypto!