Ripple Rebounds above $0.46 Support, Breaches More Resistance Levels

On March 20, XRP/USD rebounded above the $0.46 support as XRP resumed upside momentum. The recent breakout attracted more buyers as price rallied to $0.60 high.

The current upside momentum was made possible because of the previous price action. On March 16, there was a price spike as XRP reached the high of $0.52 but pulled back to $0.48 low. Subsequent price movement resulted in a tight range between $0.45 and $48. 

After five days of consistent range-bound movement near the $0.48 resistance, XRP encountered a breakout. The bullish momentum has been sustained as the altcoin trades below the $0.60 high. Further upside is likely if buyers push XRP above the $0.60 resistance. Ripple is likely to move up to either the $0.65 or $0.70 price level. Meanwhile, the altcoin is trading at $0.575 at the time of writing.

Ripple indicator analysis

XRP price has broken the resistance line of the descending channel and closed above it. The implication is that the market has resumed an uptrend. The bearish trend has been terminated. The altcoin is at level 67 of the Relative Strength Index period 14. XRP is in the uptrend zone and it is approaching the overbought region. The recent rally may likely subside.

Technical indicators:  

Major Resistance Levels – $0.65 and $0.75

Major Support Levels – $0.35 and $0.30

What is the next move for Ripple?

The market has resumed upside momentum as bulls broke the resistance at $0.50. On March 22 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ripple will rise to level 2.0 Fibonacci extension or the high of $0.705. From the price action, the market has risen to $0.60high but pulled back.  

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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