Ripple (XRP) has been moving positively after breaking through the resistance at $0.80.
Yesterday, buyers retested the resistance at $0.90, but retreated. Today, the bulls rallied again and are trying to break the recent high. Buyers are on the verge of breaking through the resistance at $0.90. If the resistance at $0.90 is broken, the market will rise to $1.01.
However, if the bulls fail to break the recent high, XRP/USD will fall below or above the moving averages. In previous price action, buyers retested resistance at $0.90 on February 8, but were rejected. XRP fell below the moving averages, but bulls bought the dips. Today, XRP is trading at $0.88 as of press time.
Ripple indicator analysis
Ripple is at level 64 of the Relative Strength Index for period 14. XRP is trading in the bullish trend zone and approaching the overbought area. The cryptocurrency’s price bars are above the moving averages as the altcoin continues to rise towards the previous highs. Ripple is above the 40% area of the daily stochastic. This suggests that XRP is in a bullish momentum. The moving averages of the 21-day line and the 50-day line are sloping north, indicating an uptrend.
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 is in an uptrend as the market has reached the high of $0.90. The price indicator suggests that XRP will continue to rise. Meanwhile, the uptrend from March 28 has a candle body that tested the 38.2% Fibonacci retracement level. The retracement suggests that XRP will rise to the 2.618 Fibonacci Extension level or $1.03.
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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