- XRP/USD has fallen into consolidation between $1.3170 and $1.0640.
- The market is ascending towards $1.3170, after bouncing off $1.0640.
- Ripple is likely to be knocked down back to $1.0640 to continue ranging.
A bearish effect on XRP/USD can be seen as the market falls into consolidation. Bulls have been weathering the storm since price broke out from beneath the $0.7630 key level. Price bypassed $0.9080 easily to get to $1.0640. There was little to do at the $1.0640 resistance. The coin only made a pullback to $0.9080 from where it pumped up. But at $1.3170, the price has now hit a major bulwark which has set the market spiraling into consolidation.
XRP/USD Major Zones
Resistance Zones: $1.3170, $1.6480, $1.9610
Support Zones: $1.0640, $0.9080, $0.7630
A major turning point in the market is where the coin rose to confront the $1.3170 resistance level. There was a bullish effect on the market which helped the coin climb above the $1.0640 key level. With the same momentum, the price advanced towards $1.3170, which appears to be very resilient. At the resistance, the market displayed a spinning top candlestick, followed by a large bearish candle to form an evening star candlestick pattern, which is a trend reversal pattern.
The coin eventually fell back to the support from where it rallied, only to drop again. Since then, the price has been moving up and down in a sideways movement. Currently, the market has traded to the downside of the MA period 12 (Moving Average). The latest dip in price is also reflected in the EFI (Elders Force Index) indicator, in which its force line crashed to a level below the zero point, but has not recovered back to the zero level. This shows a current equilibrium in the market, with bulls having the same effect on the coin as equally as bears.
The market is currently on the ascent again, after bouncing off the $1.0640 support. On the 4-hour chart, price has traded to the upside of the MA 12. The EFI chart has its force line having recovered above the zero level with the current market ascent. This means more and more buyers are stepping in to effect more upside changes in the market.
The coin will now aim to ascend to the $1.3170 key level, at which point it is expected that it will be knocked down back to $1.0640 to continue its ranging movement.
Also read: The 10 Most Important Cryptocurrencies Other Than Bitcoin
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