Ripple Overcomes $0.30 Resistance, Eyes $0.36 High
Aug 18, 2020 at 11:11 //
News
Buyers have finally broken the $0.30 resistance as price rallied to $0.327 high. The resistance has remained unbroken since August 4 after several retests.
Unfortunately, Ripple is falling from the recent high as buyers fail to sustain the upside gains. XRP fell from a high of $0.327 to $0.312 low. Ripple has continued to fall after a retest at $0.32 as price approaches the low of $0.313.
Nevertheless, the upside momentum will resume if XRP finds support above $0.31. In that case, a retest at the recent resistance is possible. Ripple will attain another high of $0.36 if the current resistance is breached. Conversely, if the downward move persists and price breaks below $0.31, XRP will drop to $0.30 support. Ripple is still fluctuating above $0.31 at the time of writing.
Ripple indicator analysis
The crypto has risen to level 73 of the Relative Strength Index period 14. It indicates that the market is in the uptrend zone and has reached the overbought region. In this region, sellers emerge to push prices down. This does not hold in a strong trending market.
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's upward move is threatened at the $0.32 resistance. According to the Fibonacci tool, the coin can move upward if the current resistance is breached. In the August 3 uptrend, the last retraced candle body tested the 50% Fibonacci retracement level. That gives us the impression that the market will rise to 2.0 Fibonacci extension level. That is the $0.36 high.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow