Ripple is making an upward move as price approaches the high of $0.31. Today, XRP is trading at $0.29 at the time of writing.
Since January 27, the upward move has been consistent as bulls “buy the dips”. The bottom line is that XRP lacks buyers at higher price levels and the crypto has been compelled to a sideways move in January.
For instance, Since January 12, Ripple has been fluctuating between $0.25 and $0.31. The bulls have failed to cross over the $0.31 price level because of buying power. Today, XRP is moving upward and if the bulls sustain the bullish momentum, a break above $0.31 is likely. This will offer an opportunity for the coin to rally above the $0.38 high. Otherwise, the coin will continue to fluctuate between $0.25 and $0.31.
Ripple indicator analysis
The altcoin is above the 25% range of the stochastic indicator. It indicates that the coin is in a bullish momentum. Ripple is in a horizontal channel. A breakout above the resistance line is an indication of an upward movement of the coin. A breakdown below the support suggests that XRP is declining.
Key Resistance Zones: $0.80, $0.85, $0.90
Key Support Zones: $0.20, $0.15, $0.10
What is the next move for Ripple?
From the Fibonacci tool indicator, XRP will further decline but later resume an upward move. On December 23 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that Ripple will fall to level 1.272 Fibonacci extension and reverse. That is XRP will reverse at the low of $0.09. From the price action, XRP has reversed above $0.25 and it is moving upward.
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
Source: Read Full Article