Ripple Resumes Uptrend and Breaks the $0.48 High, Can Bulls Sustain the Momentum above $0.50 High?

Since March 16, the bulls have been retesting the $0.48 resistance level consistently. Unfortunately, XRP will be repelled after each retest. On March 16, XRP encountered a price spike as the altcoin rallied to $0.52 high.

However, within seconds, the bears pushed the price back to the range-bound zone. The price corrected upward to $0.48 high and resumed a range-bound movement. Presently, XRP is fluctuating in a tight range between $0.45 and $0.48. 

The altcoin upward move has been hampered by a lack of buyers at higher price levels. In the previous price action, XRP has been fluctuating between $0.43 and $0.50. On the upside, if the bulls break the $0.48 resistance, buyers are likely to be attracted and prices will move up to retest the $0.050 high. XRP will rise and reach the next target price level of $0.65. Conversely, if the bears have the upper hand and break the $0.43 support, XRP will further decline to $0.35 low. 

Ripple indicator analysis

The price has broken the resistance line of the descending channel. A break above it will signal the resumption of the uptrend. That is the price must close above the resistance line. Also, the price is above the SMAs which indicate a possible rise in price. The Relative Strength Index period 14 is at level 54. XRP is in the uptrend zone and may rise.

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?

Ripple is moving upward. On March 4 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ripple will rise to level 1.618 Fibonacci extension or the high of $0.556.  

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.

Source: Read Full Article