Ripple Makes Fragile Steps, Attempts to Break into Previous Highs

Ripple rebounded twice as the coin recovers from the earlier breakdown. Before now there was anxiety as price fell towards the $0.21 low after the recent breakdown at  $0.23 support.

Today, Ripple has risen to $0.24 high after a rebound. The current downtrend will be terminated if buyers sustain the current momentum and  price is pushed above the $0.26 high. 

At this level, any breakout will propel price to rally above $0.30.Conversely, the downtrend will resume if buyers face rejection at the current high. The selling pressure will be strong as XRP may drop sharply to a low of $0.19. This is because XRP has been on a downward move as price makes a series of lower highs and lower lows. In the meantime, the coin is facing resistance above the $0.24 high.

Ripple  Indicator Analysis

XRP price breaks above the 12-day EMA but faces rejection at the 26-day EMA. Ripple will fall if price fails to break above the EMAs. The coin is trading above the support line of the descending channel. A break below the support line will cause the coin to decline. Presently, the coin is in a bullish momentum as it is above the 30% range of the daily stochastic.

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 (XRP)?

Ripple’s next move will depend on whether the current move is sustained or not. If the current momentum is sustained, XRP will be out of the current downtrend. However, a rejection will lead to the attainment of the Fibonacci tool analysis. That is the market will fall and reach the 1.272 Fibonacci retracement level or the $0.21 low.

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 funds.

Source: Read Full Article