Ripple Rebounds and Overruns the Bears as It Targets $0.28 Resistance
Aug 01, 2020 at 11:14 //
News
Today, Ripple has hit above the $0.26 price level at the time of writing. Earlier on, buyers have been pushing XRP from the previous overpriced level of $0.235. The coin bounced above $0.23 to break the $0.235 resistance.
Nonetheless, the momentum extended to $0.25 high on July 29. However, further upward movement was stalled below the resistance as buyers fail to push XRP above $0.25. On July 31, the resistance was breached as price rallied above it. Today, XRP is trading at $0.27 at the time of writing. A further upward move to $0.28 is expected but XRP may resistance at the recent high.
Ripple indicator analysis
The price broke the support line of the ascending channel, signaling a further upward movement of the coin. XRP is also rising as it is above 80% range of the daily stochastic. Ripple price is well above the exponential moving averages. It indicates a rise in the coin.
What is the next move for Ripple?
Surprisingly, the recent upward move is impressive. A red candle body tested the 0.382 Fibonacci retracement level. It indicates that the market will rise to level 2.618 Fibonacci extension level. This implies that the market will reach a high of $0.253. However, today the price action has indicated otherwise. Ripple has reached a high of $0.27 high but it is approaching the high at $0.28.
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