Ripple Remains Strong as Price Breaks Above $0.50 Resistance

Ripple has been making a consistent upward move but battles the resistance at $0.50. The bulls have succeeded in breaking the resistance at $0.50 thrice. However, on each occasion, the price would fall below the $0.50 resistance.

Today, the XRP price has broken the $0.50 resistance, and buyers are attempting to sustain the price above the $0.50 high. A new uptrend will resume on the upside if the resistance is broken convincingly. Ripple will begin to rise to the previous highs of $0.60 and $0.70. Conversely, if XRP turns down from the resistance zone, the altcoin will fall and become range-bound between $0.35 and $0.50. Ripple is trading at $0.51 at the writing.

Ripple indicator analysis    

The upward move has been consistent as price breaks the resistance line of the descending channel. The price has reached level 67 of the Relative Strength Index period 14. It indicates that XRP has reached the overbought region of the market. The upward move is doubtful as price reaches the overbought region.

Technical indicators:  

Major Resistance Levels – $0.55 and $0.60

Major Support Levels – $0.35 and $0.30

What is the next move for Ripple?

Ripple has resumed upward move as price breaks the $0.50 resistance. The Fibonacci tool has indicated an upward movement of the coin. On February 10 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that Ripple will rise to level 1.272 Fibonacci extension or $0.582 high.XRP is likely to reverse at the recent high  

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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