Ripple in Fresh Rally, Could Surge Above $0.75 High
Ripple has resumed an upward move after finding support above $0.52. The altcoin has risen to the $0.70 resistance zone and it is facing another rejection.
In the first uptrend, the coin rally above $0.75 but later pulled back. Buyers made concerted efforts to push XRP above $0.75 but to no avail. The inability of buyers to break the $0.75 resistance, led to the first breakdown.
Today, XRP is moving up to retest the resistance level. The major obstacle is that it is facing a minor resistance at $0.66. A break above $0.66 resistance will propel the price to rally above $0.70. The momentum will extend to retest the $0.75 overhead resistance. Conversely, if the bulls fail to push above $0.66, there is a tendency for the coin to fall. A break below $0.52 will cause the coin to slump to $0.47 low. Ripple is trading at $0.67 at the time of writing.
Ripple indicator analysis
After the breakdown, the price has continued to retest the trend line without breaking it. A break below the trend line will mean a downward movement of the coin. Perhaps, there will be a change in the trend. XRP is at level 72 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
What is the next move for Ripple?
After the breakdown, the altcoin has resumed a fresh uptrend. The Fibonacci tool has indicated a possible rise of the coin. On November 24 uptrend, a retraced candle body tested 61.8% Fibonacci retracement level. This retracement indicates that Ripple will rise and reach level 1.618 Fibonacci extension. That is the market will reach a high of $1.0954.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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 funds.
coinidol.com By Coin Idol